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N$27.20 WINDHOEK-14December2012 No.5096

GOVERNMENT GAZETTEOF THE

REPUBLIC OF NAMIBIA

CONTENTSPage

GOVERNMENT NOTICE

No.299 PromulgationofFinancialIntelligenceAct,2012(ActNo.13of2012),ofthe Parliament......................................................................................................................... 1

________________

Government Notice

OFFICE OF THE PRIME MINISTER

No.299 2012

PROMULGATIONOFACTOFPARLIAMENT

ThefollowingActwhichhasbeenpassedbytheParliamentandsignedbythePresidentintermsoftheNamibianConstitutionisherebypublishedintermsofArticle56ofthatConstitution.

No.13of2012: FinancialIntelligenceAct,2012._______________

2 GovernmentGazette14December2012 5096

Act No. 13, 2012 FINANCIAL INTELLIGENCE ACT, 2012

ACTTo to provide for the establishment of the Financial Intelligence Centre

as the national centre responsible for collecting, requesting, receiving and analysing suspicious transaction reports and suspicious activity reports which may relate to possible money laundering or the financing of terrorism; to provide for the objects, powers and functions of the Centre; to provide for the combating of money laundering and financing of terrorism activities; to provide for the establishment of the Anti-Money Laundering and Combating of the Financing of Terrorism Council, and for its functions; to provide for the registration of accountable and reporting institutions; to provide for the powers and functions of the supervisory bodies; to empower the Minister to appoint an appeal board to hear and decide appeals against decisions of the Centre or supervisory bodies; and to provide for incidental matters.

(Signed by the President on 24 December 2012)

ARRANGEMENTOFSECTIONS

PART1PRELIMINARYPROVISIONS

Section

1. Definitions2. ApplicationofActtoaccountableandreportinginstitutions3. ApplicationofActtosupervisoryandregulatorybodies4. ApplicationofActtoRegistrarofCompaniesandCloseCorporations5. ApplicationofActtoMasterofHighCourt6. ApplicationofActwheninconflictwithotherlaws

PART2FINANCIALINTELLIGENCECENTREANDITS

ADMINISTRATIONANDSTAFF

7. EstablishmentofFinancialIntelligenceCentre8. ObjectsofCentre9. PowersandfunctionsofCentre10. AdministrativepowersofCentre11. AppointmentandremovalofDirector12. ResponsibilitiesofDirector13. StaffofCentre14. FundsofCentre15. Audit16. Delegation

PART3ANTI-MONEYLAUNDERINGANDCOMBATING

FINANCINGOFTERRORISMCOUNCIL

17. EstablishmentofCouncil18. Constitution,conditionsofofficeandvacationofoffice



19. PowersandfunctionsofCouncil20. Meetingsandprocedures

PART4MONEYLAUNDERINGANDFINANCINGOFTERRORISMCONTROLMEASURES,DUTYTOIDENTIFYCLIENTS,CONDUCTONGOINGAND

ENHANCEDDUEDILIGENCE,KEEPRECORDSANDREPORTSUSPICIOUSTRANSACTIONSANDSUSPICIOUSACTIVITIES

21. Identificationwhenbusinessrelationshipisestablishedorsingletransactionisconcluded

22. Identification when transaction is concluded in the course of businessrelationship

23. Riskclients24. On-goingandenhancedduediligence25. Identification and account-opening for cross-border correspondent banking

relationships26. Recordstobekeptofbusinessrelationshipsandtransactions27. Periodforwhichrecordsmustbekept28. Centralisationofrecords29. Recordsmaybekeptbythirdparties30. Admissibilityofrecords31. Centrehasaccesstorecords32. Cashtransactionsaboveprescribedlimits33. Suspicioustransactionsandsuspiciousactivities34. Electronictransfersofmoneyto,fromandwithinNamibia35. Obligationsofandreportingbysupervisorybodies36. Declarationofcrossbordermovementofcashandbearernegotiableinstruments

amountingtoorexceedinganamountdeterminedbytheCentre37. PowersofofficersofCustomsandExciseandPostOfficeinrespectofcashand

bearernegotiableinstrumentsbeingconveyedintooroutofNamibia38. Makingdeclarationsoncashandbearernegotiableinstrumentsavailabletothe

Centre39. Obligationsbyaccountableandreportinginstitutions40. Reportingprocedures41. Continuationofsuspicioustransactions42. InterventionbyCentre43. Monitoringorders44. Reportingdutynotaffectedbyconfidentialityrules45. Protectionofpersonsmakingreports46. Tippingoff47. AdmissibilityasevidenceofreportsmadetoCentre48. AccesstoinformationheldbyCentre49. Protectionofconfidentialinformation50. Protectionofinformersandinformation

PART5COMPLIANCEANDENFORCEMENTOFACT

51. Exhaustingofothermeasuresbeforepenalties52. Appointmentofinspectors53. Inspections54. Directives



55. Enforceableundertakingsandenforcement56. Administrativesanctions57. Appealboard58. Appeals59. ReferralofsuspectedoffencestocompetentauthoritiesorProsecutor-General60. Applicationtocourt61. Powersofauthorisedofficers62. Releaseofproperty,record,reportordocumentseized

PART6OFFENCESANDPENALTIES

63. Offencesingeneral64. Jurisdictionofmagistratescourtsinrespectofoffences65. Offencescommittedbypersonactinginofficialcapacity

PART7MISCELLANEOUS

66. Actnottolimitpowersofinvestigationauthorities67. Regulations68. Indemnity69. Serviceofnotices70. Exemptions71. Documentstracking72. Repealoflaws73. Transitionalprovisionsandsavings74. Shorttitleandcommencement

SCHEDULE1 AccountableInstitutionsSCHEDULE2 SupervisoryBodiesSCHEDULE3ReportingInstitutionsSCHEDULE4RegulatoryBodies

BE IT ENACTEDbytheParliamentoftheRepublicofNamibia,asfollows:

PART1PRELIMINARYPROVISIONS

Definitions

1. (1) InthisAct,unlessthecontextindicatesotherwise-

“accountable institution” means a person or institution referred to in Schedule 1,includingbranches,associatesorsubsidiariesoutsideofthatpersonorinstitutionandapersonemployedorcontractedbysuchpersonorinstitution;

“authorisedofficer”meansanymemberof-

(a) theNamibianPoliceForceauthorisedbytheInspector-GeneraloftheNamibianPoliceForce;

(b) theofficeoftheProsecutor-GeneralauthorisedbytheProsecutor-General;or



(c) the IntelligenceService authorisedby theDirector-General of theNamibianCentralIntelligenceService;

(d) theCentreauthorisedbytheDirector;

(e) the Anti-Corruption Commission authorised by the Director of the Anti-CorruptionCommission;

(f) asupervisorybodyoranypersonauthorisedby theHeadof thesupervisorybody;

(g) aninvestigatingauthoritythatmay,intermsofanylaw,investigateunlawful

activitieswhomayactunderthisAct;

“Bank”meanstheBankofNamibiaestablishedbytheBankofNamibiaAct,1997(ActNo.15of1997);

“bearernegotiableinstrument”forthepurposesofthisAct,meansanyinstrumentthatmayondemandbythebearerthereofbeconvertedtothecurrencyofNamibiaorthatofanothercountryandincludes,amongstothers,cheques,promissorynotesandmoneyorders;

“beneficialowner”means-

(a) anaturalpersonwhoownsoreffectivelycontrolsaclient,includingthenaturalpersononwhosebehalfatransactionisconducted;or

(b) anaturalpersonwhoexerciseseffectivecontroloveralegalpersonortrust,

andanaturalpersonisdeemedtoownoreffectivelycontrolaclientwhentheperson-

(i) owns or controls, directly or indirectly, including through trusts orbearershareholdingsforanylegalperson,20%ormoreofthesharesorvotingrightsoftheentity;

(ii) togetherwithaconnectedpersonownsorcontrols,directlyorindirectly,includingthroughtrustsorbearershareholdingsforanylegalperson,20%ormoreofthesharesorvotingrightsoftheentity;

(iii) despitealessthan20%shareholdingorvotingrights,receivesalargepercentageoftheperson’sdeclareddividends;or

(iv) otherwiseexercisescontroloverthemanagementofthepersoninhisorhercapacityasexecutiveofficer,non-executivedirector,independentnon-executivedirector,director,managerorpartner.

“businessrelationship”meansanarrangementbetweenaclientandanaccountableorreportinginstitutionforthepurposeofconcludingtransactionsonaregularbasis;

“cash”means-

(a) coinandpapermoneyofNamibiaorofanothercountrywhichcoinorpapermoneyisdesignatedaslegaltenderandwhichcirculatesas,andiscustomarilyusedandacceptedas,amediumofexchangeinthecountryofissue;



(b) travelers’cheques;or

(c) cheques,butonlyinrespectofpaymentsmadebyapersonwhocarriesonthebusinessofacasino,gamblinginstitutionortotalisatorbettingservice;or

(d) paymentinstrument,butonlyinrespectofstoredvalue;

“Centre”meanstheFinancialIntelligenceCentreestablishedbysection7;

“client” means a person who has entered into a business relationship or a singletransactionwithanaccountableorreportinginstitution,andtheword“customer”hasacorrespondingmeaning;

“competent authority”means any supervisory, theNamibianPoliceForce, theAnti-Corruption Commission, the Namibia Central Intelligence Service, the Prosecutor-General,theCentreandanyotherauthoritythatmay,intermsofanylaw,investigateunlawfulactivities;

“correspondentbanking”meanstheprovisionofbanking,paymentandotherservicesbyonebank“thecorrespondentbank”toanotherbank“therespondentbank”toenablethelattertoprovideservicesandproductstoitsclients;

“Council”meanstheAnti-MoneyLaunderingandCombatingtheFinancingofTerrorismCouncilestablishedbysection17;

“customerduediligence”meansaprocesswhichinvolvesestablishingtheidentityofaclient, the identityof theclient’sbeneficialowners in respectof legalpersonsandmonitoringalltransactionsoftheclientagainsttheclient’sprofile;

“CustomsandExcise”meansadivisionintheMinistryresponsibleforfinancethatisentrustedwith customsandexcise responsibilities as envisagedby theCustomsandExciseAct,1989(ActNo.20of1998);

“determination”meansadeterminationmadeunderthisActandpublishedbynoticeintheGazette;

“electronictransfer”meansanytransactioncarriedoutonbehalfofanoriginatorperson,bothnaturalandlegal,throughanaccountableorreportinginstitutioninNamibiaoranaccountableor reporting institution ina foreigncountrybywayofelectronicmeanswithaviewtomakinganamountofmoneyavailabletoabeneficiarypersonatthesameoranotherinstitution(theoriginatorandthebeneficiarymaybethesameperson),andexcludesdebitordersandstopordersforpaymentofinstalmentsandpremiums;

“establishidentity”meansatwotierprocessconsistingofascertainmentorcollectingofcertainidentificationinformation,andverificationofsomeoftheinformationagainstreliabledocumentationorinformation;

“financingof terrorism”has themeaning ascribed to it by anAct of theParliamentoftheRepublicofNamibiawhichcriminalizestheconductofterroristfinancingandincludesactswhichisaimedatdirectlyorindirectlyprovidingorcollectingfundswiththe intention that such fundsshouldbeused,orwith theknowledge that such fundsare to be used, in full or in part, to carry out any act of terrorism as defined in the



OrganizationforAfricanUnity(OAU)ConventiononthePreventionandCombatingofTerrorismof1999,irrespectiveofwhetherornotthefundsareactuallyusedforsuchpurposeortocarryoutsuchacts;

“forfeiture”meanstheofficialtransferofpropertytotheState;

“Fund”means theCriminalAssetsRecovery Fund established by section 74 of thePreventionofOrganisedCrimeAct;

“Government”meanstheGovernmentoftheRepublicofNamibia;

“Governor”meanstheGovernorasreferredtoinsection1oftheBankofNamibiaAct,1997(ActNo.15of1997);

“inspector”meansapersonappointedintermsofsection53toconductinspectionsintermsofthisAct;

“Intelligence Service” means the Namibia Central Intelligence Service establishedundertheNamibiaCentralIntelligenceServiceAct,1997(ActNo.10of1997);

“investigatingauthority”meansanauthoritythatintermsoflegislationmayinvestigateunlawfulactivities;

“Minister”meanstheMinisterresponsibleforfinance;

“moneylaundering”or“moneylaunderingactivity”means-

(a) theactofapersonwho-

(i) engages,directlyorindirectly,inatransactionthatinvolvesproceedsofanyunlawfulactivity;

(ii) acquires, possesses or uses or removes fromor brings intoNamibiaproceedsofanyunlawfulactivity;or

(iii) conceals, disguises or impedes the establishment of the true nature,origin,location,movement,disposition,titleof,rightswithrespectto,orownershipof,proceedsofanyunlawfulactivity;

where-

(aa) asmaybe inferred fromobjective factualcircumstances, theperson knows or has reason to believe, that the property isproceedsfromanyunlawfulactivity;or

(bb) in respect of the conduct of a person, the person withoutreasonable excuse fails to take reasonable steps to ascertainwhether or not the property is proceeds from any unlawfulactivity;and

(b) anyactivitywhichconstitutesanoffenceasdefinedinsection4,5or6ofthePreventionofOrganisedCrimeAct;



“paymentinstrument”hasthemeaningattributedtothatterminsection1ofthePaymentSystemManagementAct,2003(ActNo.18of2003);

“person”meansanaturalorlegalperson;

“prescribed”meansprescribedbyregulation;

“PreventionofOrganisedCrimeAct”meansthePreventionofOrganisedCrimeAct,2004(ActNo.29of2004);

“proceedsofunlawfulactivities”hasthemeaningattributedtothatterminsection1ofthePreventionofOrganisedCrimeAct;

“property”has themeaning attributed to that term in section1of thePreventionofOrganisedCrimeAct;

“prospectiveclient”meansapersonseekingtoconcludeabusinessrelationshiporasingletransactionwithanAccountableinstitution;

“records”meansanymaterialonwhichinformationisrecordedormarkedandwhichiscapableofbeingreadorunderstoodbyaperson,orbyanelectronicsystemorotherdevice;

“RegistrarofCompaniesandCloseCorporations”meanstheRegistrarofCompaniesasdefinedintheCompaniesAct,2004(ActNo.28of2004)andtheRegistrarofCloseCorporationsasdefinedintheCloseCorporationAct,1988(ActNo.26of1988);

“regulation”meansaregulationmadeundersection68;

“regulatorybody”meansafunctionaryorinstitutionsetoutinSchedule4;

“reportinginstitutions”meansapersonorinstitutionsetoutinSchedule3;

“riskclients”meansanyperson,naturalorlegalwhoseactivitiesposeariskformoneylaunderingorfinancingofterrorismactivities;

“riskmanagement systems”meanspolicies, procedures and controls that enables anaccountable institution to establish the risk indicators used to characterise clients,productsandservicestodifferentcategoriesofrisk(low,mediumorhighrisk)withtheaimofapplyingproportionatemitigatingmeasuresinrelationtothepotentialriskofmoneylaunderingorterroristfinancingineachcategoryofriskestablished;

“senior management” with respect to a legal person or trust, includes a director,controllingofficer,partneroranypersonwhoisconcernedwiththemanagementofitsaffairs;

“singletransaction”meansatransactionotherthanatransactionconcludedinthecourseofabusinessrelationship;

“supervisorybody”meansafunctionaryorinstitutionsetoutinSchedule2;

“transaction”meansa transactionconcludedbetweena client andanaccountableorreportinginstitutioninaccordancewiththetypeofbusinesscarriedonbythatinstitution,andincludesattemptedtransactions;



“thisAct”,includesregulationsanddeterminations;and

“unlawful activity”has themeaning assigned to it in section1of thePreventionofOrganisedCrimeAct.

Application of Act to accountable and reporting institutions

2. (1) ThisActapplies toallaccountableand reporting institutionssetoutinSchedule1andSchedule3,respectively.

(2) TheMinister,bynoticeintheGazette,mayamendthelistofaccountableorreportinginstitutionsinSchedule1orSchedule3to-

(a) addtothelistanyinstitutionorcategoryofinstitutionsiftheMinisterreasonablybelievesthatinstitutionorcategoryofinstitutionsisused,andislikelytobeusedinfuture,formoneylaunderingorfinancingofterrorismpurposes;

(b) delete any institution or category of institutions from the list if theMinisterreasonablybelievesthatinstitutionorcategoryofinstitutionsisnotused,andisnotlikelytobeusedinfuture,formoneylaunderingorfinancingofterrorism;or

(c) maketechnicalchangestothelist.

(3) BeforetheMinisteramendsSchedule1orSchedule3undersubsection(2)(a)or(b),theMinistermustconsulttheCouncilandtheCentre,and-

(a) if only an individual institution will be affected by the proposedamendment,givetheinstitutionatleast60dayswrittennoticetosubmitwrittenrepresentationstotheMinister;or

(b) ifacategoryofinstitutionswillbeaffectedbytheproposedamendment,bynoticeintheGazettegiveinstitutionsbelongingtothatcategoryatleast 60 dayswritten notice to submitwritten representations to theMinister.

Application of Act to supervisory and regulatory bodies

3. (1) ThisActappliestoallsupervisorybodiessetoutinSchedule2,butappliesonlytotheregulatorybodiessetoutinSchedule4toalimitedextent,anddoesnotimposethesameobligationstotheregulatorybodiesasitimposetothesupervisorybodies.

(2) TheMinistermay,bynoticeintheGazette,amendthelistofsupervisoryorregulatorybodiesinSchedule2orSchedule4,respectively,to-

(a) add to the listanysupervisoryor regulatorybodywhich in termsoflegislationperformssupervisoryorregulatoryfunctionsinrelationtoanycategoryofaccountableinstitutions;

(b) deleteanysupervisoryorregulatorybodyorcategoryofsupervisoryorregulatorybodyfromthelistiftheMinisterreasonablybelievesthereisneedtodoso;or



(c) maketechnicalchangestothelist.

(3) BeforetheMinisteramendsSchedule2orSchedule4undersubsection(2)(a)or(b),theMinistermustconsulttheCouncilandtheCentre,andgivetheCouncil,Centreandthesupervisoryorregulatorybodyconcerned,atleast60dayswrittennoticetosubmitwrittenrepresentationstotheMinister.

Application of Act to Registrar of Companies and Close Corporations

4 (1) TheRegistrarofCompaniesandCloseCorporationsmust,forthepurposesofthisAct,inadditiontoinformationrequiredforcompaniesandclosecorporationsunderanyotherlaw-

(a) annuallycollectandkeepaccurateandup-to-dateprescribedinformationinrespectofmembers,directors,shareholdersandbeneficialownersofcompaniesandclosecorporations;

(b) forwardto theRegistrarofDeedsallchangestomembers,directors,shareholdersorbeneficialownersinformationofcompaniesandclosecorporationswhichownimmovableproperties;and

(c) availallinformationreferredtoinparagraphs(a)and(b)ofcompaniesandclosecorporationstocompetentauthoritiesuponrequest.

(2) All companies and close corporations must upon registration, andannuallythereafter,submittotheRegistrarofCompaniesandCloseCorporationsup-to-dateinformationreferredtoinsubsection(1)(a)inrespectofeachmember,director,shareholderandbeneficialownerofsuchcompaniesandclosecorporations.

(3) TheRegistrarofCompaniesandCloseCorporationsmaynotregisterorrenewanyregistrationofacompanyorclosecorporationwithouttheinformationasreferredtoinsubsection(1)(a)beingprovided.

(4) IfacompanyorclosecorporationwasregisteredwiththeRegistrarofCompaniesandCloseCorporationsbeforethissectioncameintoeffect,theRegistrarofCompaniesandCloseCorporationsmust,withinaperioddeterminedbytheCentre,takereasonablestepstoobtaintheinformationreferredtoinsubsection(1)(a).

(5) AllcompaniesandclosecorporationsregisteredwiththeRegistrarofCompaniesandCloseCorporationsbeforethissectioncameintoeffectmustannuallysubmittotheRegistrarofCompaniesandCloseCorporationsup-to-dateinformationreferred to in subsection (1)(a) in respectof eachmember,director, shareholder andbeneficialownerofsuchcompaniesandclosecorporations.

(6) If the Registrar of Companies and Close Corporations is unable toobtain,theinformationreferredtoinsubsection(1)(a),withintheperiodreferredtoinsubsection(4),theRegistrarmayde-registertherelevantcompanyorclosecorporation.

(7) If the company or close corporation refuses or fails to provide theinformationreferredtoinsubsection(1)(a),withintheperiodreferredtoinsubsection(4), thecompanyorclosecorporationcommitsanoffenceand is liable toafinenotexceedingN$10million,orwhere thecommissionof theoffence isattributable toa



representativeofthecompanyorclosecorporation,tosuchfineorimprisonmentnotexceedingaperiodof10years, or toboth suchfineand such imprisonment, and inadditiontheRegistrarmustde-registertherelevantcompanyorclosecorporation.

Application of Act to Master of High Court

5. (1) ForthepurposesofthisAct,theMasteroftheHighCourtmust-

(a) registeralltestamentaryandinter vivostrustsintheprescribedmannerandform;

(b) collect and keep up-to-date prescribed information in respect of thefounder, each trustee, each income beneficiary and each beneficialownerofallregisteredtestamentaryandinter vivostrusts;and

(c) availfounder,trustee,trustbeneficiaryandtrustbeneficialownershipinformation of all registered testamentary and inter vivos trusts tocompetentauthoritiesuponrequest.

(2) TheMasterof theHighCourtmaynotregisteranytrustwithout theinformationreferredtoinsubsection(1)(b)beingprovided.

(3) After having registered in terms of subsection (1)(a), a trust mustprovidetheMasteroftheHighCourtwithalltheinformationreferredtoinsubsection(1)(b).

(4) IfatrustwasregisteredwiththeMasteroftheHighCourtbeforethissectioncameintoeffect,theMasteroftheHighCourtmust,withinaperioddeterminedbytheCentre,takereasonablestepstoobtaintheinformationreferredtoinsubsection(1)(b).

(5) Ifatrustrefusesorfailstoregisterintermsofsubsection(1)(a)ortoprovidetheinformationreferredtoinsubsection(1)(b),withintheperioddeterminedundersubsection(4),thetrustcommitsanoffenceandisliabletoafinenotexceedingN$10million,orwherethecommissionoftheoffenceisattributabletoarepresentativeofthetrust,tosuchfineorimprisonmentnotexceedingaperiodof10years,ortobothsuchfineandsuchimprisonment.

(6) An Accountable or reporting institution which has a businessrelationshipwithanytrustisrequiredtoinformtheMasteroftheHighCourtandtheCentreifsuchatrustisnotregisteredwiththeMaster.

(7) TheMaster of theHighCourt is entitled to request from a relevantaccountableor reporting institutionand the institutionmustprovide theMasterwithinformationrelatingtotrustbankingaccountsforpurposesofmonitoringorinvestigatingthetransactionactivitiesoroperationsofanytrust.

(8) An accountable or reporting institution which contravenes or failsto complywith subsection (6) or (7) commits an offence and is liable to a fine notexceedingN$10million,orwhere thecommissionof theoffence isattributable toarepresentativeoftheaccountableorreportinginstitution,tosuchfineorimprisonmentforaperiodnotexceeding10years,ortobothsuchfineandsuchimprisonment.



Application of Act when in conflict with other laws

6. If any conflict relating to the matters dealt with in this Act arisesbetweenthisActandanyotherlaw,aprovisionofthisActprevails.

PART2

ESTABLISHMENTOFFINANCIALINTELLIGENCECENTREANDAPPOINTMENTOFDIRECTORANDSTAFFOFCENTRE

Establishment of Financial Intelligence Centre

7. (1) There is established a national centre to be known as theFinancialIntelligenceCentre,thatisresponsibleforadministeringthisAct,subjecttoanygeneralorspecificpolicydirectiveswhichtheMinistermayissue.

(2) TheBankmustprovideadministrativeservicestotheCentre.

Objects of Centre

8. TheprincipalobjectsoftheCentreintermsofthisActaretocombatmoney laundering and the financing of terrorism activities in collaborationwith theotherlawenforcementagencies.

Powers and functions of Centre

9. (1) InfurtheringitsobjectsthepowersandfunctionsoftheCentreare-

(a) to collect, request, receive, process, analyze and assess all reports,requests for information and information received from persons,accountable institutions, reporting institutions, government offices,ministries, or agencies or any other competent authorities and anyforeignagencies,intermsofthisActorintermsofanylaw;

(b) to initiateananalysisof itsownmotionbasedoninformationin its

possessionorinformationreceivedfromanothersource;

(c) to disseminate information to which it has access to competentauthoritiesandforeignagencieswithpowersanddutiessimilartothatoftheCentre;and

(d) tomakerecommendationsarisingoutofanyinformationreceived;

(e) tocollectstatisticsandrecordsof-

(i) suspicious transactions reports, suspicious activity reportsand Requests for Information received and intelligencedisseminated;

(ii) money laundering and terrorist financing investigations,prosecutionsandconvictions;



(iii) property frozen, seizedandconfiscatedunder thePreventionofOrganisedCrimeAct, or any other law applicable to theRepublicofNamibia;

(iv) mutuallegalassistanceorotherinternationalrequestsforco-operation;

(v) on-siteexaminationsconductedby theCentreorsupervisorybodiesandanyenforcementactionstaken;and

(vi) formalrequestforassistancemadeorreceivedbysupervisoryorregulatorybodiesrelatingtomoneylaunderingandfinancingofterrorismandoutcomesofsuchrequests;

(f) tocoordinatetheactivitiesofthevariouspersons,bodiesorinstitutionsinvolved in thecombatingofmoneylaunderingand thefinancingofterrorism;

(g) to inform, advise and cooperate with competent authorities andexchangeinformation,availabletotheCentre,withtheseauthoritiesforthepurposeofadministration,intelligencecollection,lawenforcementandprosecution;

(h) to supervise,monitor and enforce compliancewith thisAct, or anyregulations, directives, determinations, notices or circulars issued interms of theAct, by accountable and reporting institutions and giveguidance toAccountableand reporting institutions tocombatmoneylaunderingorfinancingofterrorismactivities,and

(i) to facilitate effective supervision and enforcement of the Act bysupervisorybodies.

(2) InordertoattainitsobjectsandperformitsfunctionstheCentremay-

(a) callforandobtainfurtherinformationfrompersonsorbodiesthatarerequiredtosupplyorprovideinformationtoitintermsofthisActoranylaw;

(b) request for information and statistics, from any government office,ministry or agency, law enforcement agency, competent authority,regulatory body and supervisory body,whether listed in Schedule 2andSchedule4ornot,forpurposesofthisAct;

(c) directanyaccountableorreportinginstitution,orsupervisorybodytotakesuchstepsasmaybeappropriateinrelationtoanyinformationorreportreceivedbytheCentre,toenforcecompliancewiththisActortofacilitateanyinvestigationanticipatedbytheCentre;

(d) issue determinations to any supervisory body in terms ofwhich thesupervisory body must enforce compliance by an accountable orreporting institution regulated by such supervisory body, with theprovisionsofthisAct;



(e) after consultation with supervisory and regulatory bodies, issueguidelines,directives,determinations,circularsornoticestoaccountableandreportinginstitutionstoensurecompliancewiththisAct;

(f) conduct research into trendsanddevelopments in theareaofmoneylaunderingandfinancingofterrorismandimprovedwaysofdetecting,preventinganddeterringmoneylaunderingandfinancingofterrorism;

(g) exerciseanyotherpowerortodoanyotherthingnotinconsistentwiththisAct,whichisnecessaryorexpedienttoensuretheachievementoftheobjectsofthisAct;and

(h) exerciseanypowerorperformanyfunctionsconferredtoorimposed

onitbyanylaw.

(3) TheCentremayfromtimetotimeconsultwiththeCouncilonissuesofmutualinterestwithregardtothepowersandfunctionsoftheCentreunderthisAct.

(4) Subject to section7, a personmaynot unduly influenceor interferewiththeCentreinexercisingitspowersandperformingitsfunctionsasauthorisedintermsofthisAct.

(5) A person who contravenes subsection (4) commits an offence andis liable to afinenot exceedingN$100millionor to imprisonment for a periodnotexceeding30yearsortobothsuchfineandimprisonment.

Administrative powers of Centre

10. TheCentre,withtheconcurrenceoftheGovernor,maydoallthatisnecessaryorexpedienttoperformitsfunctionseffectively,whichincludesthepowerto-

(a) determineitsownstaffestablishmentwiththeapprovaloftheMinister;

(b) appointemployeesandreceivesecondedpersonneltopostsonitsstaffestablishment in accordancewith staff policies andprocedureof theBankasfarasreasonablypossible;

(c) obtain the services of any person by agreement, including any statedepartment, functionaryor institution, toperformanyspecificactorfunction;

(d) engageinanylawfulactivity,whetheraloneortogetherwithanyotherorganisationinNamibiaorelsewhere,aimedatpromotingitsobjects.

Appointment and removal of Director

11. (1) TheMinister,afterconsultationwiththeCouncil,mustappointasuitablyqualified,fitandproperpersonastheDirectoroftheCentre.

(2) ApersonappointedasDirectorholdsoffice-



(a) foratermoffiveyears,whichtermisrenewable;and

(b) ontermsandconditionssetoutinawrittenemploymentcontract.

(3) ApersonmaynotbeappointedasDirector,unless-

(a) informationwithrespecttothatpersonhasbeengatheredinasecurityscreeninginvestigationbytheNationalIntelligenceAgencyestablishedbytheNamibiaCentralIntelligenceServiceAct,1997(ActNo.10of1997);and

(b) theMinister,afterevaluatingthegatheredinformation,issatisfiedthatthepersonmaybesoappointedwithoutthepossibilitythatsuchpersonmayposea security riskor that suchpersonmayact inanymannerprejudicialtotheobjectsofthisActorthefunctionsoftheCentre.

(4) The Director may at any time determined by the Minister, uponrecommendationbytheCouncil,besubjectedtoafurthersecurityscreeninginvestigationascontemplatedinsubsection(3)(a).

(5) TheMinister,uponrecommendationbytheCouncil,mayremovetheDirectorfromofficeonthegroundsofmisconduct,incapacityorincompetence,inlinewithfairlabourpracticesandtheprevailinglabourlegislation.

(6) TheMinister,uponrecommendationbytheCouncil,maysuspendtheDirectorfromoffice,pending-

(a) thedeterminationofanydisciplinaryenquiryastowhethergroundsofmisconduct,incapacityorincompetenceexist;or

(b) the outcome of a security screening investigation referred to insubsections(3)and(4).

Responsibilities of Director

12 (1) TheDirectorisresponsiblefor-

(a) theperformancebytheCentreofitsfunctions;

(b) implementationandadministrationofapplicableprovisionsofthisAct;

(c) reportingadministrativelytotheGovernor;

(d) reportingfunctionallytotheCouncil;

(e) themanagementofthestaff,resourcesandadministrationoftheCentre;

(f) disseminationof intelligence involving suspectedproceedsof crime,money laundering, terrorist property or financing of terrorism, tocompetent authorities and foreign agencies with powers and dutiessimilartothatoftheCentre;



(g) providingrelevantadvicetotheCouncil;

(h) providing advice and guidance to assist accountable institutions,reporting institutions and supervisory bodies to comply with theirobligationsunderthisAct;and

(i) advisetheCouncilonaligningtheNationalAnti-MoneyLaunderingandCombating theFinancingofTerrorism frameworkwith internationalAnti-Money Laundering and Combating the Financing ofTerrorismstandardsandbestpractices.

Staff of Centre

13. (1) ForthepurposesofassistingtheDirectorintheperformanceofthefunctionsoftheCentre,theDirector,withtheconcurrenceoftheGovernor,mayappointpersonsasstaffmembersoftheCentre.

(2) TheGovernormay–

(a) assignstaffmembersoftheBanktotheCentre;

(b) requestanoffice,ministry,oragencyasdefinedinthePublicServiceAct,1995(ActNo.13of1995),tosecondastaffmemberofthePublicServicetotheCentreforthepurposesofassistingtheCentreincarryingoutitsfunctionsintermsofthisAct.

(3) Staffmembersreferredtoinsubsections(1)and(2)performtheirduties

underthesupervision,controlanddirectionsoftheDirector.

(4) A personmay not be appointed or seconded to perform any of thefunctionsoftheCentreunless-

(a) informationwithrespecttothatpersonhasbeengatheredinasecurityscreeninginvestigationbytheNationalIntelligenceAgencyestablishedbytheNamibiaCentralIntelligenceServiceAct,1997(ActNo.10of1997);and

(b) theDirector,withtheconcurrenceoftheGovernor,afterevaluatingthegatheredinformation,issatisfiedthatthepersonmaybesoappointedor secondedwithout the possibility that the person poses a securityriskorthatthepersonmayactinanywayprejudicialtotheobjectsorfunctionsoftheCentreandtheobjectsofthisAct.

(5) Anypersonreferredtoinsubsection(4)mayatanytimedeterminedbytheDirector,withtheconcurrenceoftheGovernor,besubjectedtoafurthersecurityscreeninginvestigationascontemplatedinsubsection(4)(a).

Funds of Centre

14. (1) For the purpose of exercising its powers and performing itsfunctions conferred and imposedbyor under thisAct theCentremust utilize fundsavailablefrom-



(a) money appropriated annually by Parliament for the purposes of theCentre;

(b) anyGovernmentgrantsmadetotheCentre;

(c) moneymadeavailabletotheCentrefromtheFund;and

(d) anyothermoneylegallyacquiredbytheCentre.

(2) TheCentre,with the approval of theMinister,may accept financialdonationsorcontributionsfromanyothersource.

(3) For the purpose of subsection (1)(a), the Director must preparetheannualbudgetof theCentre forconsiderationby theCouncil and its subsequentrecommendationtotheMinisterforapproval.

Audit

15. AllthefinancialmattersoftheCentrerelatingtotheCentre’sexercisingofitspowersandperformanceofitsfunctionsintermsofthisActmustbekeptseparatefromthatoftheBankandmustbeauditedseparately.

Delegation

16. (1) The Director may delegate, in writing, any of the powersentrustedtotheCentreintermsofthisActtoanyemployeeoftheCentre,orassignanemployeeoftheCentretoperformanyofthefunctionsimposedontheCentreintermsofthisAct.

(2) Adelegationorinstructionintermsofsubsection(1)-

(a) issubjecttothelimitationsorconditionsthattheDirectormayimpose;and

(b) doesnotdivesttheDirectoroftheresponsibilityconcerningtheexerciseofthedelegatedpowerortheperformanceoftheassignedfunction.

(3) TheDirectormayconfirm,varyor revokeanydecision takenbyanemployee in consequence of a delegation or instruction in terms of subsection (1),providedthatnosuchvariationorrevocationofadecisionmaydetractfromanyrightsthatmayhaveaccruedasaresultofthedecision.

PART3

ANTI-MONEYLAUNDERINGANDCOMBATINGFINANCINGOFTERRORISMCOUNCIL

Establishment

17. There is established anAnti-Money Laundering and Combating theFinancingofTerrorismCouncil.



Constitution, conditions of office and vacation of office

18. (1) The Minister must appoint members of the Council whichconsistsof-

(a) theGovernororhisorherdelegatewhoisthechairperson;

(b) thePermanentSecretaryoftheMinistryresponsibleforfinance;

(c) theInspector-GeneraloftheNamibianPoliceForce;

(d) thePermanentSecretaryoftheMinistryresponsiblefortrade;

(e) thePermanentSecretaryoftheMinistryresponsibleforjustice;

(f) the Permanent Secretary of the Ministry responsible for safety andsecurity;

(g) theDirectoroftheNamibianCentralIntelligenceService;

(h) the Chief Executive Officer of the Namibia Financial InstitutionsSupervisoryAuthority;

(i) theDirectoroftheAnti-CorruptionCommission;

(j) thePresidentoftheBankersAssociation;

(k) one person representing associations representing a category ofaccountable or reporting institutions requested by the Minister tonominaterepresentatives;and

(l) onepersonrepresentingsupervisorybodiesrequestedbytheMinistertonominaterepresentatives.

(2) TheCouncilmayinvitepersonswhomayhavespecialknowledgeorskillsinanyrelevantfieldordisciplinetoattenditsmeetingsandadvisetheCouncilbutsuchpersonshavenovotingright.

(3) ThemembersoftheCouncilmustelectadeputychairpersonatthefirstmeetingoftheCouncil.

(4) AnyvacancyintheCouncilmust,subjecttosubsection(1),befilledbytheappointmentofanewmember.

(5) AmemberoftheCouncilwhoisintheemploymentoftheStatemaybepaidsuchallowancesfortravelingandsubsistenceexpensesincurredbyhimorherintheperformanceofhisorherfunctionsintermsofthisAct,outofthefundsoftheCentre,astheMinistermaydetermine.

(6) AmemberoftheCouncil,whoisnotintheemploymentoftheState,maybe paid such remuneration, including allowances, for traveling and subsistenceexpensesincurredbyhimorherintheperformanceofhisorherfunctionsintermsofthisAct,outofthefundsoftheCentre,astheMinisterdetermines.



(7) TheofficeofamemberoftheCouncilbecomesvacantifthatmember-

(a) byawrittennoticeaddressedtotheMinister,resignsfromoffice;

(b) isremovedfromofficebytheMinisterforinabilitytoperformhisorherdutiesduetoillhealth;or

(c) isforanyotherreasonablecauseremovedfromofficebytheMinister.

(8) Beforeremovingamemberfromofficeintermsofsubsection(7)(c),theMinistermust-

(a) inwriting,notifythememberconcernedofthegroundsonwhichthememberistoberemovedfrommembershipoftheCouncil;

(b) give that member an opportunity to make an oral or a writtenrepresentation on the matter to theMinister or to any other persondesignatedbytheMinisterforthatpurpose;and

(c) consideranyrepresentationmade.

Functions

19. (1) ThefunctionsoftheCouncilareto-

(a) on theMinister’s requestorat itsowninitiative,advise theMinisteron-

(i) policies and measures to combat money laundering andfinancingofterrorismactivities;and

(ii) the exercise by theMinister of the powers entrusted to theMinisterunderthisAct;

(b) consult, when necessary, with the Centre, associations representingcategoriesofaccountableor reporting institutions,offices,ministriesorgovernmentagencies,supervisorybodies,regulatorsandanyotherperson,institution,bodyorassociation,astheCouncilmaydetermine,beforeittakesapolicydecisionwhichmayimpactonsuchinstitutions;

(c) advisetheCentreconcerningtheperformanceofitsfunctions;

(d) consider and recommend the proposed budget of the Centre to theMinisterforapproval;

(e) considerandrecommendthehumanandother resourcesrequiredbytheCentretoeffectivelycarryoutitsfunctionsintermsofthisActtotheMinisterforapproval;and

(f) recommendtotheMinistertheappointmentorremovaloftheDirector.

(2) The Centre must provide administrative support for the Council tofunctioneffectively.



Meetings and procedures

20. (1) Thechairpersonof theCouncil,or inhisorherabsence, thedeputyChairperson, presides atmeetings of theCouncil, or if both the chairpersonandthedeputychairpersonareabsentfromthemeeting,orareunabletopresideatthemeeting, themembers presentmust elect onemember from among their number topresideatthemeeting.

(2) TheCouncil-

(a) must,atatimeandplacedeterminedbythechairpersonoftheCouncil,holdameetingoftheCouncilatleastthreetimesinayear;

(b) maydetermineitsownproceduresatmeetings;and

(c) mayappointcommitteesfromitsmemberstoassistitintheperformanceofitsfunctionsortheexerciseofitspowers.

(3) AnypersonwhoisnotamemberoftheCouncilmaybeco-optedtoserveonthecommitteesmentionedinsubsection(2)(c).

(4) WhenaprovisionofthisActrequiresconsultationwiththeCouncilonanyspecificmatterbeforeadecisionmaybetakenonthatmatteranditisnotfeasibletocallameetingoftheCouncil,thatprovisionissatisfiedif-

(a) aproposeddecisiononthatmatteriscirculatedtothemembersoftheCouncil;and

(b) anopportunityisgiventothemindividuallytocommentinwritingontheproposeddecisionwithinareasonabletime.

(5) Despitesubsection(2)(a),thechairpersonoftheCouncilor,inhisorherabsence,thedeputychairpersonoftheCouncil-

(a) mayconveneaspecialmeetingoftheCouncil;

(b) must,atthewrittenrequestoftheMinisterorofatleastthreemembersoftheCouncil,conveneaspecialmeetingoftheCouncil.

(6) ThemajorityofallthemembersoftheCouncilconstituteaquorumforanymeetingoftheCouncil.

(7) AdecisionofamajorityofmembersoftheCouncilpresentatameetingisthedecisionoftheCounciland,ifthereisanequalityofvotes,thepersonpresidingatthemeetinghasacastingvoteinadditiontohisorherordinaryvote.



PART4

MONEYLAUNDERINGANDFINANCINGOFTERRORISMCONTROLMEASURESDUTYTOIDENTIFYCLIENTS,CONDUCTONGOING

ANDENHANCEDDUEDILIGENCE,KEEPRECORDSANDREPORTSUSPICIOUSTRANSACTION

ANDSUSPICIOUSACTIVITIES

Identification when business relationship is established or single transaction is concluded

21. (1) ForthepurposesofthisPart,multiplecashtransactionsinthedomesticorforeigncurrencywhich,inaggregate,exceedtheamountdeterminedbytheCentremustbetreatedasasingletransactioniftheyareundertakenbyoronbehalfofanypersonduringanydayorsuchperiodastheCentremayspecify.

(2) Anaccountableor reporting institutionmaynot establish abusinessrelationship or conclude a single transaction with a prospective client, unless theaccountableorreportinginstitutionhastakensuchreasonablestepsintheprescribedformandmannertoestablish-

(a) the identity of the prospective client, by obtaining and verifyingidentificationandanyfurtherinformation;

(b) iftheprospectiveclientisactingonbehalfofanotherperson,also-

(i) theidentityofthatotherperson;

(ii) the prospective client’s authority to establish the businessrelationshiportoconcludethesingletransactiononbehalfofthatotherperson;and

(iii) obtain or verify further information about that other person;and

(c) ifanotherpersonisactingonbehalfoftheprospectiveclient,also-


(ii) thatotherperson’sauthoritytoactonbehalfoftheclient;and

(iii) obtainorverifyfurtherinformationaboutthatotherperson.

(d) Despiteanyexemption thatmaybegranted in termsof this section,an accountable or reporting institutionmust establish the identity ofa client if there is a suspicion ofmoney laundering or financing ofterrorism.

(3) Without limiting the generality of subsection (2)(a) and (b), if aprospectiveorexistingclientisalegalperson,anaccountableorreportinginstitutionmust take reasonable steps to establish its legal existence and structure, includingverificationof-



(a) thenameofthelegalperson,itslegalform,address,directors,partnersorseniormanagement;

(b) theprincipalownersandbeneficialowners;

(c) provisionsregulatingthepowertobindtheentityandtoverifythatanypersonpurportingtoactonbehalfofthelegalpersonissoauthorised,andidentifythosepersons.

(4) Anaccountableorreportinginstitutionmustmaintaintheaccountsinthenameoftheaccountholderandmustnotopen,operateormaintainanyanonymousaccountoranyaccountwhichisfictitious,falseorinincorrectname.

(5) Anaccountableor reporting institutionwhichcontravenesor fails tocomplywiththissectioncommitsanoffenceandisliabletoafinenotexceedingN$100millionor,wherethecommissionoftheoffenceisattributabletoarepresentativeoftheaccountableorreporting institution, tosuchfineor to imprisonmentforaperiodnotexceeding30years,ortobothsuchfineandsuchimprisonment.

Identification when transaction is concluded in the course of business relationship

22. (1) IfanaccountableorreportinginstitutionestablishedabusinessrelationshipwithaclientbeforethisActtookeffect,itmust,withinaperioddeterminedbytheCentre,takesuchreasonablestepsintheprescribedformandmanner-

(a) to establish the identity of the client, by obtaining and verifyingidentificationandanyfurtherinformation;

(b) iftheclientisactingonbehalfofanotherperson,toestablishalso-


(ii) theclient’sauthoritytoconcludethattransactiononbehalfofthatotherperson;and


(c) ifanotherpersonisactinginthetransactioninquestiononbehalfoftheclient,toestablishalso-


(ii) thatotherperson’sauthoritytoactonbehalfoftheclient;and


(d) totrace,onsuchconditionsandperiodastheCentremaydetermine,allaccountsatthataccountableorreportinginstitutionthatareinvolvedintransactionsconcludedinthecourseofthatbusinessrelationship.



(2) Ifanaccountableorreportinginstitutionisunablewithinareasonableperiodtoestablishtoitsreasonablesatisfactiontheidentityofanypersonasrequiredbysubsection(1),itmaynotconcludeanyfurthertransactioninthecourseofthatbusinessrelationshipandmustimmediatelyfileasuspiciousactivityreport.

(3) When the identity of the person referred to in subsection (2) issubsequentlyestablished,furthertransactionsmayonlybeconcludedaftertheCentrehasbeeninformedoftheidentityofthatperson.

(4) Subsection(l)doesnotapplyinrespectofabusinessrelationshipwhichanaccountableorreportinginstitutionknowsorreasonablybelievestohaveendedpriortothecommencementofthisAct.

(5) If, after thisAct took effect, an accountable or reporting institutionrecommencedabusinessrelationshipwithaclientorabusinessrelationshipreferredtoinsubsection(4),theaccountableorreportinginstitutionmaynotconcludeatransactioninthecourseofthatbusinessrelationshipunlesstheaccountableorreportinginstitutionhastakensuchreasonablestepsreferredtoinsubsection(1).

(6) Anaccountableor reporting institutionwhichcontravenesor fails tocomplywithsubsection(1),(2),(3)or(5),commitsanoffenceandisliabletoafinenotexceedingN$100millionor,wherethecommissionoftheoffenceisattributabletoarepresentativeoftheaccountableorreportinginstitution,tosuchfineorimprisonmentforaperiodnotexceeding30years,ortobothsuchfineandsuchimprisonment.

Risk clients

23 (1) Accountable institutions must have appropriate riskmanagementandmonitoringsystemsinplacetoidentifyclientsorbeneficialownerswhoseactivitiesmayposeariskofmoneylaundering,financingofterrorism,orboth.

(2) Where a client or beneficial owner has been identified through suchsystems tobe ahigh risk formoney laundering,financingof terrorism,or both, theemployeesofanaccountableinstitutionmust-

(a) obtainapprovalfromthedirectors,partnersorseniormanagementofthataccountableinstitutionbeforeestablishingabusinessrelationshipwithsuchnewclient,orincaseofanexistingclient,obtainapprovalfromthedirectors,partnersorseniormanagementofthataccountableinstitutiontocontinuethebusinessrelationshipwiththeclient;and

(b) takemeasuresasprescribedbytheCentretoidentify,asfarasreasonablypossible,thesourceofwealth,fundsandanyotherassetsoftheclient.

(3) Anaccountableinstitutionwhichcontravenesorfailstocomplywithsubsections(1)and(2)commitsanoffenceandisliabletoafinenotexceedingN$100millionor,wherethecommissionof theoffenceisattributabletoarepresentativeoftheaccountableinstitution,tosuchfineorimprisonmentforaperiodnotexceeding30years,ortobothsuchfineandsuchimprisonment.



On-going and enhanced due diligence

24. (1) An accountable institution must exercise on-going duediligenceinrespectofallitsbusinessrelationshipswhichmust,ataminimum,include-

(a) maintainingadequatecurrentandup-to-date informationandrecordsrelatingtotheclientandbeneficialowner;

(b) monitoringthetransactionscarriedoutbytheclientinordertoensurethatsuchtransactionsareconsistentwiththeaccountableorreportinginstitution’sknowledgeoftheclient,theclient’scommercialorpersonalactivitiesandriskprofile;and

(c) ensuringtheobligationsrelatingtohighriskclients,asprescribedinsection23,andcorrespondentbankingrelationshipsarefulfilled.

(2) Anaccountableinstitutionmust-

(a) payspecialattentiontoallcomplex,unusuallargetransactionsandallunusualpatternsoftransactionswhichhavenoapparenteconomicorvisiblelawfulpurpose;

(b) at the direction of the Minister, pay special attention to businessrelations and transactions with persons, including legal persons andtrusts, from or in countries that do not or insufficiently apply therelevant internationalstandards tocombatmoney launderingand thefinancingofterrorism;

(c) examineasfaraspossiblethebackgroundandpurposeoftransactionsunderparagraphs(a)and(b)andsetforthinwritingtheirfindings;

(d) keepthefindingsmadeintermsofparagraph(c)availableforcompetentauthorities and company auditors for at leastfiveyears, or longer ifspecificallysorequestedbyacompetentauthoritybeforetheexpirationofthe5yearperiod;

(e) takesuchspecificmeasuresasmaybeprescribedfromtimetotimebytheMinistertocountertheriskswithrespecttobusinessrelationsandtransactionsspecifiedunderparagraph(b);and

(f) conductenhancedmonitoringandduediligencewhen-

(i) anydoubtsariseabouttheveracityoradequacyofpreviouslyobtainedcustomeridentificationdata;or

(ii) there is a suspicion of money laundering or financing ofterrorism;

so as to prevent money laundering, financing of terrorism or thecommissionofanyotheroffence.

(3) Anaccountableinstitutionwhichcontravenesorfailstocomplywiththissection,commitsanoffenceandisliabletoafinenotexceedingN$100millionor,



wherethecommissionoftheoffenceisattributabletoarepresentativeoftheaccountableinstitution,tosuchfineorimprisonmentforaperiodnotexceeding30years,ortobothsuchfineandsuchimprisonment.

Identification and account-opening for cross-border correspondent banking relationships

25. (1) Where applicable, when entering into cross-bordercorrespondentbankingrelationship,theemployeesofanaccountableinstitutionmust-

(a) identify and verify the identification of respondent institutions withwhichitconductcorrespondentbankingrelationships;

(b) collect information on the nature of the respondent institution’sactivities;

(c) based on publicly-available information, evaluate the respondentinstitution’s reputation and the nature of supervision to which it issubject;

(d) obtainapprovalfromthedirectors,partnersorseniormanagementofthataccountableinstitutionbeforeestablishingacorrespondentbankingrelationship;

(e) evaluate thecontrols implementedby therespondent institutionwithrespect to anti-money laundering and combating the financing ofterrorism;

(f) establish an agreement on the respective anti-money laundering andcombating the financing of terrorism responsibilities of each partyundertherelationship;and

(g) in thecaseofapayable-throughaccount, ensure that the respondentinstitution has verified its customer’s identity, has implementedmechanismsforon-goingmonitoringwithrespecttoitsclientsandiscapableofprovidingrelevantidentifyinginformationonrequest.

(2) An accountable institution which contravenes or fails to complywithsubsection(1),commitsanoffenceand is liable toafinenotexceedingN$100millionor,wherethecommissionof theoffenceisattributabletoarepresentativeoftheaccountableinstitution,tosuchfineorimprisonmentforaperiodnotexceeding30years,ortobothsuchfineandsuchimprisonment.

Records to be kept of business relationships and transactions

26. (1) Wheneveranaccountableorreportinginstitutionestablishesabusinessrelationshiporconcludesatransactionwithaclient,whetherthetransactionisasingletransactionorconcludedinthecourseofabusinessrelationshipwhichthataccountable or reporting institutionhaswith the client, the accountable or reportinginstitutionmustkeeprecordsintheprescribedformandmannerof-

(a) theidentityoftheclient;



(b) iftheclientisactingonbehalfofanotherperson-

(i) theidentityofthepersononwhosebehalftheclientisacting;and

(ii) the client’s authority to establish that business relationshipor toconclude that single transactiononbehalfof thatotherperson;

(c) ifanotherpersonisactingonbehalfoftheclient-

(i) theidentityofthatotherperson;and

(ii) thatotherperson’sauthoritytoactonbehalfoftheclient;

(d) themannerinwhichtheidentityofapersonreferredtoinparagraph(a),(b)or(c)wasestablished;

(e) thenatureofthatbusinessrelationshiportransaction;

(f) allaccountsatthataccountableorreportinginstitutionthatareinvolvedin-

(i) transactions concluded in the course of that businessrelationship;or

(ii) asingletransaction;

(g) inthecaseofatransaction-

(i) theamountinvolved;and

(ii) thepartiestothattransaction;

(h) clientortransactionfilesandbusinesscorrespondence;

(i) enhancedduediligencefindingsreferredtoinsection24(2)(c)and(d);

(j) copiesofallreportsfiledwiththeCentrepursuanttosections32,33and34andsupportingdocuments;

(k) the name of the personwho obtained the information referred to inparagraph(a)to(g)onbehalfoftheaccountableorreportinginstitution;and

(l) anydocumentorcopyofadocumentobtainedbytheaccountableorreporting institution inorder toverifyaperson’s identity in termsofsections21and22.

(2) Recordskeptintermsofsubsection(1)maybekeptinelectronicform.

(3) Therecordsreferredtoinsubsection(1)mustincluderecordsasmaybedeterminedbytheCentre.



(4) Anaccountableor reporting institutionwhichcontravenesor fails tocomplywiththissectioncommitsanoffenceandisliabletoafinenotexceedingN$100millionor,wherethecommissionof theoffenceisattributabletoarepresentativeoftheaccountableorreportinginstitution,tosuchfineorimprisonmentforaperiodnotexceeding30years,ortobothsuchfineandsuchimprisonment.

(5) A personwho destroys or tamperswith any records kept under thissection commits an offence and is liable to a fine not exceedingN$100million orto imprisonment for a periodnot exceeding30years, or toboth suchfine and suchimprisonment.

Period for which record must be kept

27. (1) Anaccountableorreportinginstitutionmustkeeptherecordsreferredtoinsection26whichrelateto-

(a) theestablishmentofabusinessrelationship,foratleastfiveyearsfromthedateonwhichthebusinessrelationshipisterminated;orlongerifspecificallysorequestedbycompetentauthoritiesbeforetheexpirationofthe5yearperiod;and

(b) atransactionwhichisconcluded,foratleastfiveyearsfromthedateon which that transaction is concluded, or longer if specifically sorequestedbycompetentauthoritiesbeforetheexpirationofthe5yearperiod;

(c) suspicioustransactionreportsmadepursuanttosection33,includinganysupportingdocumentation,foratleastfiveyearsfromthedatethereportwasmade,or longer ifspecificallysorequestedbycompetentauthoritiesbeforetheexpirationofthe5yearperiod.

(2) Anaccountableor reporting institutionmust alsomaintain sufficientrecordstoenablethereconstructionofanytransactionforbothclientsandnon-clientswhetherconcludedasasingletransactionorinthecourseofabusinessrelationship,foraperiodofnotlessthan5yearsfromthedatethetransactionhasbeencompletedorthebusinessrelationshiphasbeenterminated,orlongerifspecificallysorequestedbycompetentauthoritiesbeforetheexpirationofthe5yearperiod.

(3) An accountable or reporting institutionmustmaintain all books andrecordswithrespecttotheirclientsandtransactionsassetforthinsection26andmustensurethatsuchrecords,anysupportingdocumentationandunderlyinginformationareavailableonatimelybasisattherequestofanycompetentauthority

(4) Anaccountableor reporting institutionwhichcontravenesor fails tocomplywithsubsection(1), (2)or(3)commitsanoffenceandis liable toafinenotexceedingN$100millionor,wherethecommissionoftheoffenceisattributabletoarepresentativeoftheaccountableorreportinginstitution,tosuchfineorimprisonmentforaperiodnotexceeding30years,ortobothsuchfineandsuchimprisonment.

Centralisation of records

28. (1) Thedutyimposedbysection26onanaccountableorreportinginstitutiontokeeprecordsofthemattersspecifiedinthatsectionmay,inthecaseoftwo



ormoreaccountableorreportinginstitutionsbelongingtothesamegroup,becentralised,asprescribedandbedeemedtobeperformedbyanaccountableorreportinginstitutionwithinthesamegrouponbehalfofthoseaccountableorreportinginstitutions,providedthatsuchaccountableorreportinginstitutionshavefreeandeasyaccesstotherecords.


Records may be kept by third parties

29 (1) Thedutiesimposedbysection26onanaccountableorreportinginstitution to keep record of thematters specified in that sectionmay be performedby a third party on behalf of the accountable or reporting institution as long as theaccountableorreportinginstitutionhasunrestrictedaccesstotherecords.

(2) Ifa thirdpartyreferred to insubsection(1) fails toproperlycomplywiththerequirementsofsection26onbehalfoftheaccountableorreportinginstitutionconcerned,theaccountableorreportinginstitutionisliableforthatfailure.

(3) If an accountable or reporting institution appoints a third party toperformthedutiesimposedonitbysection26,theaccountableorreportinginstitutionmustprovidetheCentrewiththeprescribedparticularsregardingthethirdparty.


Admissibility of records

30. (1) A record kept in terms of sections 26 and 48, or a certifiedextractofthatrecord,oracertifiedprintoutofanelectronicrecordofwhichdirectoralevidenceofitscontentsmaybegiven,isonitsmereproductioninacourtadmissibleasevidenceinamatterbeforethecourt.

(2) AnyrecordofaninvestigationconductedunderthisAct,anyproperty,report or document produced or any statement is, notwithstanding any law to thecontrary,admissibleasevidenceinanyproceedingsinanycourtfor,orinrelationto,anoffenceoranyothermatterunderthisActoranyotheroffenceunderanyotherlaw,regardlesswhethersuchproceedingsareagainstthepersonwhowasexamined,orwhoproducedtheproperty,record,reportordocument,orwhomadethewrittenstatementonoathoraffirmation,oragainstanyotherperson.

Centre has access to records

31. (1) TheCentreoranauthorisedrepresentativeoftheCentre-

(a) hasaccessduringordinaryworkinghourstoanyrecordkeptintermsof thisAct, relating to suspiciousmoney laundering or financing ofterrorismactivities,byoronbehalfof-



(i) anaccountableinstitution;

(ii) areportinginstitution;

(iii) asupervisorybody;

(iv) aregulatorybody;

(v) alawenforcementagency;

(vi) anyotherpersonor institution thatholds relevant recordsorinformation, including information on a commercially helddatabase;

(vii) anyoffice,ministryoragencywithintheGovernment;and

(b) mayexamine,makeextractsfromorcopiesofthoserecords.

(2) An accountable or reporting institution, a supervisory or regulatorybodyoranyotherpersonorinstitutionmustwithoutdelaygiveallreasonableassistancetoanauthorisedrepresentativeoftheCentrenecessarytoenablethatrepresentativetoexercisethepowersmentionedinsubsection(1).

(3) Anaccountableorreportinginstitution,asupervisorybody,regulatorybody, or anyother personwhich contravenesor fails to complywith subsection (2)commitsanoffenceandisliabletoafinenotexceedingN$100millionor,wherethecommission of the offence is attributable to a representative of the accountable orreportinginstitution,tosuchfineorimprisonmentforaperiodnotexceeding30years,ortobothsuchfineandsuchimprisonment.

Cash transactions above prescribed limits

32. (1) An accountable and reporting institution must, within theprescribedperiod,reporttotheCentretheprescribedparticularsconcerningatransactionconcludedwithaclientifintermsofthetransactionanamountofcashinexcessoftheprescribedamount-

(a) ispaidbytheaccountableorreportinginstitutiontotheclient,ortoapersonactingonbehalfoftheclient,ortoapersononwhosebehalftheclientisacting;or

(b) isreceivedbytheaccountableorreportinginstitutionfromtheclient,or fromapersonactingonbehalfof theclient,or fromapersononwhosebehalftheclientisacting.

(2) Anaccountableor reporting institutionwhichcontravenesor fails tocomplywithsubsection(1)commitsanoffenceand is liable toafinenotexceedingN$100millionor,wherethecommissionoftheoffenceisattributabletoarepresentativeoftheaccountableorreportinginstitution,tosuchfineorimprisonmentforaperiodnotexceeding30years,ortobothsuchfineandsuchimprisonment.



Suspicious transactions and suspicious activities

33. (1) Apersonwho-

(a) carriesonanybusinessorthebusinessofanaccountableorreportinginstitution,orisinchargeof,ormanagesabusinessundertaking,orabusinessundertakingofanaccountableorreportinginstitution;or

(b) isadirectorof,secretarytotheboardof,employedorcontractedbyanybusiness,orthebusinessofanaccountableorreportinginstitution,

andwhoknowsor reasonablyought tohaveknownor suspect that, as a resultof atransactionconcludedbyit,orasuspiciousactivityobservedbyit,ithasreceivedorisabouttoreceivetheproceedsofunlawfulactivitiesorhasbeenusedorisabouttobeusedinanyotherwayformoneylaunderingorfinancingofterrorismpurposes,must,within the prescribedperiod after the suspicionor belief arose, as the casemaybe,reporttotheCentre-

(i) thegroundsforthesuspicionorbelief;and

(ii) the prescribed particulars concerning the transaction or suspiciousactivity.

(2) If an accountable or reporting institution or business suspects orbelievestherearereasonablegroundstosuspectthat,asaresultofatransactionwhichitisaskedtoconcludeoraboutwhichenquiriesaremade,itmayreceivetheproceedsofunlawfulactivitiesorinanyotherwaybeusedformoneylaunderingorfinancingofterrorismpurposesshouldthetransactionbeconcluded,itmust,withintheprescribedperiodafterthesuspicionorbeliefarose,reporttotheCentre-

(a) thegroundsforthesuspicionorbelief,and

(b) theprescribedparticularsconcerningthetransaction.

(3) Anaccountableorreportinginstitutionorbusinesswhichmadeoristomakeareportintermsofthissectionmustnotdisclosethatfactoranyinformationregardingthecontentsofthatreport,toanyotherperson,includingthepersoninrespectofwhomthereportisortobemade,otherwisethan-

(a) withinthescopeofthepowersanddutiesoftheaccountableorreportinginstitutionorbusinessintermsofanylegislation;

(b) forthepurposeofcarryingoutthisAct;

(c) forthepurposeoflegalproceedings,includinganyproceedingsbeforeajudgeinchambers;or

(d) intermsofanorderofcourt.

(4) Apersonwhoknowsorsuspectsthatareporthasbeenoristobemadeintermsofthissectionmustnotdisclosethatknowledgeorsuspicionoranyinformationregardingthecontentsorsuspectedcontentsofthatreporttoanyotherperson,includingthepersoninrespectofwhomthereportisoristobemadeotherwisethan-



(a) within the scopeof that person’s powers andduties in termsof anylegislation;


(c) forthepurposeoflegalproceedings,includinganyproceedingsbeforeajudgeinchambers;or

(d) intermsofanorderofacourt.

(5) Anaccountableorreportinginstitutionorbusinesswhichcontravenesor fails to comply with this section commits an offence and is liable to a fine notexceedingN$100millionor,wherethecommissionoftheoffenceisattributabletoarepresentativeoftheaccountableorreportinginstitution,tosuchfineorimprisonmentforaperiodnotexceeding30years,ortobothsuchfineandsuchimprisonment.

(6) ApersonwhocontravenesorfailstocomplywiththissectioncommitsanoffenceandisliabletoafinenotexceedingN$100millionortoimprisonmentforaperiodnotexceeding30years,ortobothsuchfineandsuchimprisonment.

Electronic transfers of money to, from and within Namibia

34. (1) Ifanaccountableorreportinginstitutionthroughanelectronictransfer,onbehalforontheinstructionofanotherperson-

(a) sends money in excess of a prescribed amount, regardless of thedestinationofsuchfunds;or

(b) receivesmoney in excess of a prescribed amount, regardless of theoriginofsuchfunds,

itmust,withintheprescribedperiodafterthemoneywasreceivedortransferred,reportthetransfer,togetherwiththeprescribedoriginatorinformation,totheCentre.

(2) If an accountable or reporting institution undertakes to send anelectronictransferinexcessofaprescribedamountitmust,wherereasonablypossible,includetheprescribedoriginatorinformationintheelectronicmessageorpaymentformaccompanyingthetransfer,orbeinapositiontorequestsuchoriginator informationfromtheoriginatorinstitution.

(3) Whenanaccountableorreportinginstitutionactsasanintermediaryinachainofelectronictransfers,itmusttransmitalltheinformationitreceiveswiththatelectronictransfer,totherecipientinstitution.

(4) If an accountable or reporting institution referred to in subsection(2) receives an electronic transfer that does not contain all the prescribedoriginatorinformation, itmust take thenecessarymeasures toascertainandverify themissinginformationfromtheorderinginstitutionorthebeneficiary,beforeithonoursanyoftheinstructionscontainedinthetransfer.

(5) If an accountable or reporting institution is not able to obtain theprescribedoriginatorinformation,itmustfileasuspicioustransactionreport.



(6) Anaccountableorreportinginstitutionmusttreatanelectronictransferthat it undertakes to send, receive or transmit as an intermediary, or receive as therecipientinstitution,asatransactionforwhichitmustcomplywiththerecord-keepingrequirementsofsections26and27.

(7) Anaccountableor reporting institutionwhichcontravenesor fails tocomplywithaprovisionofthissection,commitsanoffenceandisliabletoafinenotexceedingN$100millionor,wherethecommissionoftheoffenceisattributabletoarepresentativeoftheaccountableorreportinginstitution,tosuchfineorimprisonmentforaperiodnotexceeding30years,ortobothsuchfineandsuchimprisonment.

Obligations of and reporting by supervisory bodies

35. (1) Ifasupervisorybodysuspectsthatanaccountableorreportinginstitutionhas,asaresultofatransactionconcludedbytheinstitution,knowinglyorunknowinglyreceivedorisabouttoreceivetheproceedsofunlawfulactivitiesorhasinanyotherwaybeenusedformoneylaunderingorfinancingofterrorismpurposes,itmust-

(a) informtheCentreoftheknowledgeorsuspicionoutlining:-

(i) thegroundsfortheknowledgeorsuspicion;and

(ii) the prescribed particulars concerning the transaction orsuspicion;and

(b) retaintherecordsheldbyitwhichrelatetothatknowledgeorsuspicion,forsuchperiodastheCentremayreasonablyrequire,butnotlessthan5yearsfromdateofthereportorlongerifspecificallysorequestedbycompetentauthoritiesbeforetheexpirationofthe5yearperiod.

(2) A supervisory body is responsible for supervising, monitoringand enforcing compliance with this Act or any regulation, order, circular, notice,determinationordirectiveissuedintermsofthisAct,inrespectofallaccountableorreportinginstitutionssupervisedbyit.

(3) Any accountable or reporting institution that is not supervised by asupervisorybodyisdeemedtobesupervisedbytheCentreforpurposesofthisAct.

(4) The responsibility referred to in subsection (2) forms part of the

legislative mandate of all supervisory bodies and constitutes a core function ofsupervisorybodieswhichfunctionmustbeexecutedusingarisk-basedapproach.

(5) AnyActthatregulatesasupervisorybodyorauthorisesthatsupervisorybody to supervise or regulate any accountable or reporting institution,must be readas including subsection (2) and a supervisory bodymay utilise any fees or chargesit isauthorisedtoimposeorcollect, todefrayexpenditureincurredinperformingitsobligationsunder thisActorany regulation,order, circular,notice,determinationordirectiveissuedintermsofthisAct.

(6) Asupervisorybody,inmeetingitsobligationreferredtoinsubsection(2)may-



(a) delegatetheexerciseofanypowertoanyofitsmembers,employeesoranyothersuitableperson;

(b) requireanaccountableorreportinginstitutionsupervisedorregulatedby it to report on that institution’s compliancewith thisAct or anyregulation,order,notice,circular,determinationordirectiveissuedintermsofthisAct,intheform,mannerandtimeframesprescribedbytheCentre,afterconsultationwiththesupervisorybody;

(c) issueoramendanylicence,registration,approvalorauthorisationthatthesupervisorybodymayissue,orhasissued,orgrantinaccordancewithanyAct,toincludethefollowingconditions-

(i) compliancewiththisAct;and

(ii) the continued availability of human, financial, technologicalandotherresourcestoensurecompliancewiththisActoranyorder,notice,circular,determinationordirectivemadeintermsofthisAct.

(7) Asupervisorybodymustsubmit totheCentre,withintheprescribedperiodandintheprescribedmanner,awrittenreportonanysupervisionandmonitoringactivitiesconductedinrespectofanaccountableorreportinginstitutionintermsofthisActoranyregulationorder,notice,circular,determinationordirectivemadeintermsofthisAct.

(8) Asupervisorybodymustregisterintheprescribedformandmannerparticulars of all accountable or reporting institutions, regulatedor supervisedby it,withtheCentreforpurposesofsupervisingcompliancewiththisActoranyregulation,order,notice,circular,determinationordirectivemadeintermsofthisAct.

(9) TheCentreandasupervisorybodymustconsultandcooperatewitheachotherinexercisingtheirpowersandtheperformanceoftheirfunctionsintermsofthisAct.

(10) TheCentremayissueanadministrativenotice,penalisingasupervisorybodybyimposinganappropriate,prescribedfinewithoutrecoursetoaCourt, if thatbody has,without reasonable excuse failed to comply inwhole or in partwith anyobligationsunderthisPart,oranyregulation,order,notice,circular,determinationordirectiveissuedintermsofthisAct.

(11) If the Centre is satisfied that a supervisory body has failedwithoutreasonableexcusetocomplyinwholeorinpartwithanyobligationsinthisActitmayapplytotheHighCourtforanordercompellinganyoralltheofficersoremployeesofthatsupervisorybodytocomplywiththoseobligations.

(12) IftheHighCourtissatisfiedthatasupervisorybodyhasfailedwithoutreasonableexcusetocomplyinwholeorinpartwithanyobligationimposedbythisActitmayissuetheorderappliedforintermsofsubsection(11),ormakeanyorderitconsidersappropriate.

(13) Despite subsections (11) and (12), the Centre may enter into anenforceableundertakingwithanysupervisorybodythathaswithoutreasonableexcuse



failedtocomplyinwholeorinpartwithanyobligationsinthisParttoimplementanyactionplantoensurecompliancewithitsobligationsunderthisPart.

(14) Apersonwhocontravenesorwhofailstocomplywithanadministrativenoticeundersubsection(10)oranenforceableundertakingintermsofsubsection(13),commitsanoffenceandisliabletoafinenotexceedingN$10millionortoimprisonmentforaperiodnotexceeding10years,ortobothsuchfineandsuchimprisonmentand,inthecaseofacontinuingoffence,toafurtherfinenotexceedingN$50000foreachdayduringwhichtheoffencecontinuesafterconviction.

(15) Therelevantsupervisorybodyofanaccountableorreportinginstitutionorsuchotherpersonastherelevantsupervisorybodymaythinkfitmust-

(a) adopt thenecessarymeasures topreventoravoidhavinganyperson

who is not fit and proper from controlling, or participating, directlyor indirectly, in the directorship, management or operation of anaccountableorreportinginstitution;

(b) inmakingadeterminationinaccordancewithanyActapplicabletoit

astowhetherapersonisfitandpropertoholdofficeinanaccountableor reporting institution, take into account any involvement,whetherdirectlyorindirectly,bythatpersoninanynon-compliancewiththisActoranyregulation,order,notice,circular,determinationordirectivemadeintermsofthisAct,oranyinvolvementin-

(i) anymoneylaunderingactivity;or

(ii) anyterroristorfinancingofterrorismrelatedactivity.

(c) supervise accountable and reporting institutions, and regulate andverify,throughregularexaminations,thatanaccountableorreportinginstitution adopts and implements compliance measures consistentwiththisAct,

(d) issue guidelines to assist accountable and reporting institutions indetecting suspicious patterns of behaviour in their clients and theseguidelinesshallbedevelopedtakingintoaccountmodernandsecuretechniquesofmoneymanagementandwillserveasaneducationaltoolforaccountableandreportinginstitutions’personnel;and

(e) co-operate with other enforcement agencies and lend technicalassistance in any investigation,proceedings relating to anyunlawfulactivityoroffenceunderthisAct.

(16) Thesupervisorybodyorregulatorybodyofanaccountableorreportinginstitution, upon recommendation of theCentre,may revoke or suspend the licenceoftheaccountableorreportinginstitutionorcausetheinstitutionnottocarryonsuchbusiness-

(a) if the accountable or reporting institution has been convicted of an

offenceunderthisAct;or



(b) iftheaccountableorreportinginstitutionconsistentlyfailedorrefusedtoadheretoanyorallofitsobligationsunderthisActoranyregulation,order,notice,circular,determinationordirectiveissuedintermsofthisAct.

(17) ThesupervisorybodyorregulatorybodymustreportpromptlytotheCentreanyinformationreceivedfromanyaccountableorreportinginstitutionrelatedtotransactionsoractivitiesthatcouldbetreatedasanoffenceunderthisAct.

(18) A supervisory body which contravenes or fails to comply withsubsection(1),(2),(7),(8),(15),(16)or(17)commitsanoffenceandisliabletoafinenotexceedingN$10millionor,wherethecommissionoftheoffenceisattributabletoarepresentativeofthesupervisorybody,tosuchfineorimprisonmentforaperiodnotexceeding10years,ortobothsuchfineandsuchimprisonment.

(19) An accountable or reporting institution that contravenes or fails tocomplywithsubsection(6)(b)commitsanoffenceandisliabletoafinenotexceedingN$10millionor,wherethecommissionoftheoffenceisattributabletoarepresentativeoftheaccountableorreportinginstitution,tosuchfineortoimprisonmentforaperiodnotexceeding10years,ortobothsuchfineandsuchimprisonment.

Declaration of cross border movement of cash and bearer negotiable instruments amounting to or exceeding amount determined by Centre

36. (1) Every person entering into or departing fromNamibia whois carrying or transporting cash, bearer negotiable instruments, or both, equal to orexceedinganamountdeterminedbytheCentre,mustdeclaresuchcashorinstrument,to an officer of theCustoms andExcise at the port of entry into or departure fromNamibia.

(2) Every person importing into or exporting out of Namibia, throughcontainerized cargo, cash or bearer negotiable instruments equal to or exceedingan amount determined by the Centre, must declare such cash or bearer negotiableinstrumentstoanofficeroftheCustomsandExciseattheportofentryintoordeparturefromNamibia.

(3) Everypersonmailingorconveyinganypostwhetherbymail,telegramor courier entering or departing Namibia that contains cash or bearer negotiableinstrumentsequaltoorexceedinganamountdeterminedbytheCentre,mustdeclaresuchcashorbearernegotiableinstrumentstoadesignatedofficerattherelevantPostOfficeoranofficeroftheCustomsandExciseattheportofentryintoordeparturefromNamibia.

(4) Thedeclarationreferredtoinsubsections(1),(2)or(3)mustbemadeonaprescribedformandbepresentedtoanofficeroftheCustomsandExciseatthatportofentryintoordeparturefromNamibia,ortoadesignatedofficerattherelevantPostOffice.

(5) Onceadeclarationismadeintermsofsubsections(1),(2)or(3),anofficer of theCustoms andExcise or PostOffice towhom the declaration ismade,mustissueanacknowledgementasprescribedbytheCentretothepersonmakingthedeclaration.



(6) Anypersonthatisrequiredtomakeadeclarationintermsofsubsections(1),(2)or(3)ofcashorbearernegotiableinstruments,orboth,andwhofailstomakesuchdeclaration,ormakesafalsedeclaration,commitsanoffenceandisliabletoafinenotexceedingN$100millionortoimprisonmentforaperiodnotexceeding30years,ortobothsuchfineandsuchimprisonment.

(7) Any cash or bearer negotiable instrument that is not declared asaforesaid,orthatisfalselydeclared,isliableforseizureandforfeituretotheState,intheformandmannerasprescribed.

Powers of officers of Customs and Excise in respect of cash or bearer negotiable instruments being conveyed in or out of Namibia

37. (1) For the purposes of ascertaining any matter referred to insection36orexercisinganypowersundersection36,anofficerof theCustomsandExciseorPostOfficemayrequireanypersonreferredtoinsection36(1),(2)or(3)to-

(a) answerquestions that theofficerof theCustomsandExciseorPostOfficemayputtothatpersonwhicharerelevanttoanyissuereferredtoinsection36;

(b) makeandsignacashorbearernegotiableinstrumentdeclarationform;

(c) provide information concerning the origin of the cash or bearernegotiableinstrumentanditsintendedpurpose,intheeventofafalsedeclarationorafailuretomakeadeclaration;and

(d) answeranyotherquestiontoensurecompliancewithsection36.

(2) AnofficeroftheCustomsandExciseorPostOfficemay-

(a) seizeanddetaincashorbearernegotiableinstrumentswhensuchofficerreasonablysuspectsthatsuchcashorbearernegotiableinstruments-

(i) areproceedsofcrime;

(ii) maybeusedtocommittheoffenceofmoneylaundering;

(iii) may be used to commit the offence of terrorism or terroristfinancing;

(iv) isconnectedtoterroristorterroristfinancingactivities;

(b) seize and detain cash or bearer negotiable instruments when suchofficerreasonablysuspects-

(i) thepersonconcernedhasfailedtomakeadeclarationintermsofsubsections36(1),(2)or(3);or

(ii) thepersonconcernedhasmadeafalsedeclaration.

(3) Anofficer of theCustoms andExcise orPostOfficemay seize anddetainanycash,bearernegotiableinstrument,article,bookordocumentincludingany



containerorpackage,which,inhisorheropinion,mayaffordevidencerelatingtothecommissionof,oranattempttocommitamoneylaunderingorfinancingofterrorismoffence,oranymatterincidentalthereto.

(4) AnofficeroftheCustomsandExcisemayboardanyshiporaeroplanewithintheterritory,theterritorialseaortheexclusiveeconomiczoneofNamibia,ormaystopandboardanyvehicleenteringorleavingNamibia,andmaysearchanysuchship, aeroplaneorvehicleor anyperson found thereinor thereon, forundeclaredorfalselydeclaredcashorbearernegotiableinstruments.

(5) Ifanycontainer,cargo,vehicle,cabin,place,safe,orpackageislockedandthekeysthereofarenotproducedtotheofficeroftheCustomsandExciseorPostOfficeondemand, theofficermay,foranypurposeunder thissection,openorentersuchcontainer,vehicle,cabin,place,safe,orpackageinanymannerheorshethinksappropriate.

(6) AllofficersoftheCustomsandExciseorPostOfficemustcooperatewithotherlawenforcementagenciesonanymatterconcerninginvestigationsofmoneylaunderingactivities,financingofterroristactivitiesorboth.

(7) Anofficerof theCustomsandExciseorPostOfficemaydetainandhandovertothepoliceanypersonwhohascommittedanoffenceunderthissectiontobearrestedwithoutawarrantofarrest.

(8) Any cash or bearer negotiable instruments seized and detained byanofficeroftheCustomsandExciseorPostOfficeintermsofsubsection2(a)mustbe handed over to theNamibian Police for purposes of criminal investigations andprosecutions.

(9) AnycashorbearernegotiableinstrumentsseizedanddetainedbyanofficeroftheCustomsandExciseorPostOfficeintermsofsubsection2(b)mustbehandedovertotheCentreforpurposesofforfeitureasenvisagedinsubsection36(7).

Making declarations on cash or bearer negotiable instruments available to Centre

38 (1) TheCommissionerofCustomsandExciseorthePostMastermust within a prescribed period and in the prescribed form and manner make alldeclarationsmadeintermsofsubsections36(1),(2)or(3)toanofficeroftheCustomsandExciseorPostOffice,respectively,availabletotheCentre.

(2) AnofficeroftheCustomsandExciseorPostOfficewhowilfullyfailstoelectronically registerandmake information referred to in section36available totheCommissionerofCustomsandExciseor thePostMasterforonwardsubmissiontotheCentre, commitsandoffenceandisliabletoafinenotexceedingN$100millionortoimprisonmentforaperiodnotexceeding30years,ortobothsuchfineandsuchimprisonment.

Obligations of accountable and reporting institutions

39. (1) An accountable institution, on a regular basis,must conductmoney laundering and financing of terrorism activities risk assessments taking intoaccount the scope and nature of its clients, products and services, as well as thegeographicalareafromwhereitsclientsandbusinessdealingsoriginate.



(2) AccountableandreportinginstitutionsnotsupervisedorregulatedbyasupervisorybodyorregulatorybodymustregistertheirprescribedparticularswiththeCentreforpurposesofsupervisingcompliancewiththisActoranyregulation,notice,order,circular,determinationordirectiveissuedintermsofthisAct.

(3) Accountable and reporting institutions must develop, adopt andimplement a customer acceptance policy, internal rules, programmes, policies,proceduresandcontrolsasprescribedtoeffectivelymanageandmitigaterisksofmoneylaunderingandfinancingofterrorismactivities.

(4) A customer acceptance policy, internal rules, programmes, policies,procedures referred to in subsection (3)must be approved by directors, partners, orseniormanagementofaccountableorreportinginstitutionandmustbeconsistentwithnationalrequirementsandguidance,andshouldbeabletoprotecttheaccountableorreportinginstitution’ssystemsagainstanymoneylaunderingandfinancingofterrorismactivities taking into account the results of any risk-assessment conducted undersubsection(1).

(5) Theprogrammesinsubsection(3)mayinclude-

(a) theestablishmentofprocedurestoensurehighstandardsofintegrityofitsemployeesandasystemtoevaluatethepersonal,employmentandfinancialhistoryofthoseemployees;

(b) on-going employee training programmes, such as “Know YourCustomer” programmes and instructing employees with regard toresponsibilitiesunderthisAct;and

(c) an independent audit function to check compliance with thoseprogrammes;

(d) policies and procedures to prevent the misuse of technologicaldevelopments including those related to electronicmeans of storingandtransferringfundsorvalue;and

(e) policies and procedures to address the specific risks associatedwithnon-face-to-clientsortransactionsforpurposesofestablishingidentityandon-goingcustomerduediligence.

(6) Accountable and reporting institutions must designate complianceofficersatmanagementlevel,whereapplicable,whowillbeinchargeoftheapplicationoftheinternalprogrammesandprocedures, includingpropermaintenanceofrecordsandreportingofsuspicioustransactions.

(7) Accountable and reporting institutions must implement complianceprogrammes under subsection (3) at its branches and subsidiarieswithin or outsideNamibia.

(8) An accountable institutionmust develop audit functions to evaluate

anypolicies,proceduresandcontrolsdevelopedunderthissectiontotestcompliancewiththemeasurestakenbytheaccountableinstitutiontocomplywiththisActandtheeffectivenessofthosemeasures.



(9) Theinternalrulesreferredtoinsubsection(3)mustinclude-

(a) theestablishmentandverificationoftheidentityofpersonswhomtheinstitutionmustidentifyintermsofPart4ofthisAct;

(b) theinformationofwhichrecordmustbekeptintermsofPart4ofthisAct;

(c) identificationofreportabletransactions;and

(d) the training of employees of the institution to recognise and handlesuspectedmoneylaunderingandfinancingofterrorismactivities.

(10) Internalrulesmadeunderthissectionmustcomplywiththeprescribedrequirementsandbemadeavailabletoeachemployeeofanaccountableorreportinginstitution.

(11) TheCentremaydeterminethetypeandextentofmeasuresaccountableandreportinginstitutionsshallundertakewithrespecttoeachoftherequirementsinthissection,havingregardtotheriskofmoneylaunderingorfinancingofterrorismandthesizeofthebusinessorprofession.

(12) Any accountable or reporting institution that contravenes or fails tocomplywiththissectioncommitsanoffenceandisliabletoafinenotexceedingN$100millionor,wherethecommissionof theoffenceisattributabletoarepresentativeoftheaccountableorreportinginstitution,tosuchfineorimprisonmentforaperiodnotexceeding30years,ortobothsuchfineandsuchimprisonment.

Reporting procedures

40. (1) AreportrequiredtobemadeintermsofthisActmustbemadeintheprescribedmanner.

(2) TheCentre,oraninvestigatingauthorityactingwiththepermissionoftheCentreorundertheauthorityofacompetentauthoritymayrequestanaccountableinstitution,reportinginstitution,supervisorybody,regulatorybodyorpersonthathasmadeareportintermsofthisActtofurnishtheCentreorthatinvestigatingauthoritywithoutdelaywithanyadditionalinformationconcerningthereportwhichtheCentreor the investigating authority may reasonably require and which that accountableinstitution,reportinginstitution,supervisorybody,regulatorybodyorpersonhas.

(3) Anaccountableorreportinginstitution,supervisorybodyorregulatorybody which fails to comply with a request made under subsection (2) commits anoffenceandisliabletoafinenotexceedingN$100millionor,wherethecommissionoftheoffenceisattributabletoarepresentativeoftheaccountableorreportinginstitution,supervisoryorregulatorybody,tosuchfineorimprisonmentforaperiodnotexceeding30years,ortobothsuchfineandsuchimprisonment.

(4) Apersonwhofailstocomplywitharequestmadeundersubsection(2)commitsanoffenceandisliabletoafinenotexceedingN$100millionortoimprisonmentforaperiodnotexceeding30years,ortobothsuchfineandsuchimprisonment.



Continuation of suspicious transactions

41. Anaccountableor reporting institution thathasmadea report to theCentre in termsofsection32,33or34concerninga transaction,maycontinuewithand carry out the transaction unless the Centre directs the accountable or reportinginstitutionintermsofsection42nottoproceedwiththetransaction.

Intervention by Centre

42. (1) If the Centre, after consulting an accountable or reportinginstitution,hasreasonablegroundstosuspectthatatransactionoraproposedtransactionmay involve theproceedsofunlawfulactivitiesormayconstitutemoney launderingorthefinancingofterrorism;itmaydirecttheaccountableorreportinginstitutioninwritingnottoproceedwiththecarryingoutofthattransactionoranyothertransactioninrespectofthefundsaffectedbythattransactionorproposedtransactionforaperioddeterminedbytheCentre,whichmaynotbemorethan12workingdays,inordertoallowtheCentre-

(a) tomakethenecessaryinquiriesconcerningthetransaction;and

(b) iftheCentrethinksitappropriate,toinformandadviseaninvestigatingauthorityortheProsecutor-General.

(2) An accountable or reporting institution which fails to comply withadirectionmadeundersubsection(1)commitsanoffenceand is liable toafinenotexceedingN$100millionor,wherethecommissionoftheoffenceisattributabletoarepresentativeoftheaccountableorreportinginstitution,tosuchfineorimprisonmentforaperiodnotexceeding30years,ortobothsuchfineandsuchimprisonment.

Monitoring orders

43. (1) Ajudgeinchambersmay,onwrittenapplicationbytheCentre,orderanaccountableorreportinginstitutiontoreporttotheCentre,onsuchtermsandinsuchconfidentialmannerasmaybespecifiedintheorder,alltransactionsconcludedby a specificpersonwith theAccountableor reporting institutionor all transactionsconducted in respectof a specificaccountor facilityat theaccountableor reportinginstitution,iftherearereasonablegroundstosuspectthat-

(a) thatpersonisusingtheaccountableorreportinginstitutionformoneylaunderingorfinancingofterrorismpurposes;

(b) thataccountorotherfacilityisbeingusedforthepurposesofmoneylaunderingorfinancingofterrorism;

(2) Anorder in termsof subsection (1) lapsesafter threemonthsunlessextendedintermsofsubsection(3).

(3) Ajudgeinchambersmayextendanorderissuedintermsofsubsection(1)forfurtherperiodsnotexceedingthreemonthsatatimeif-

(a) thereasonablegroundsforthesuspiciononwhichtheorderisbasedstillexist;and



(b) the judge is satisfied that the interest of justice is best served byinvestigatingthesuspicioninthemannerprovidedforinthissection.

(4) An application referred to in subsection (1) must be heard and anordermustbeissuedwithoutnoticetoorhearingthepersonorpersonsinvolvedinthesuspectedmoneylaunderingorfinancingofterrorismactivities.

(5) Anaccountableorreportinginstitutionwhichfailstocomplywithanordermadeundersubsection(1)commitsanoffenceandisliabletoafinenotexceedingN$100millionor,wherethecommissionoftheoffenceisattributabletoarepresentativeoftheaccountableorreportinginstitution,tosuchfineorimprisonmentforaperiodnotexceeding30years,ortobothsuchfineandsuchimprisonment.

Reporting duty not affected by confidentiality rules

44. (1) Nodutyofsecrecyorconfidentialityoranyother restrictionon thedisclosureof information,whether imposedby legislationorarisingfromthecommonlaworagreement,affectscompliancewithaprovisionofthisAct.

(2) Subsection (1) does not apply if the obligation of secrecy or otherrestrictionisbasedonthecommonlawrighttoprofessionalprivilegebetweenalegalpractitionerandhisorherclientinrespectofinformationcommunicatedtothelegalpractitionersoastoenablehimorherto-

(a) provideadvicetotheclient;

(b) defendtheclient;or

(c) renderotherlegalassistancetotheclientinconnectionwithanoffenceunderanylawinrespectofwhich-

(i) theclientischarged;

(ii) theclienthasbeenarrestedorsummonedtoappearincourt;or

(iii) aninvestigationwithaviewtoinstitutecriminalproceedingsisbeingconductedagainsttheclient.

Protection of persons making reports

45. (1) Noaction,whethercriminalorcivil,liesagainstanaccountableor reporting institution, supervisory body or person complying in good faithwith aprovisionofthisPart,includinganydirector,employeeorotherpersonactingonbehalfofthataccountableorreportinginstitution,supervisoryorregulatorybodyorperson.

(2) Apersonwhohasmade,initiatedorcontributedtoareportintermsofthisPartiscompetent,butnotcompellable,togiveevidenceincriminalproceedingsarisingfromthereport.

(3) Noevidence concerning the identityof apersonwhomade a reportin termsof thisPart or the contentsof that report, or thegrounds for that report, isadmissible as evidence in criminal proceedings unless that person testifies at thoseproceedings.



(4) No evidence concerning the identity of a person who initiated orcontributed to a report in terms of this Part is admissible as evidence in criminalproceedingsunlessthatpersontestifiesatthoseproceedings.

Tipping off

46. Apersonwho-

(a) knowsorhasreasontosuspectthatanauthorisedofficerisacting,orisproposingtoact,inconnectionwithaninvestigationwhichisbeing,orisabouttobe,conductedunderorforthepurposesofthisActandwhodisclosestoanyotherpersoninformationoranyothermatterwhichislikelytoprejudicethatinvestigationorproposedinvestigation;or

(b) knowsorhasreasontosuspectthatadisclosurehasbeenmadetoanauthorised officer under thisAct and discloses to any other personinformation or any other matter which is likely to prejudice anyinvestigationwhichmightbeconcludedfollowingthedisclosure,

commitsanoffenceandisliabletoafinenotexceedingN$100millionortoimprisonmentforatermnotexceeding30years,ortobothsuchfineandsuchimprisonment.

Admissibility as evidence of reports made to Centre

47. AcertificateissuedbyanofficialoftheCentrethatinformationspecifiedinthecertificatewasreportedtotheCentreintermsofthisPart,is,subjecttosection45(3)and(4),onitsmereproductioninacourtadmissibleasevidenceinamatterbeforethatcourt.

Access to information held by Centre

48. (1) IftheCentre,onthebasisofitsanalysisandassessmentundersection 9 has reasonable grounds to suspect that information would be relevant tothenationalsecurityoreconomicstabilityofNamibia, theCentremustdisclose thatinformationtoaninvestigatingauthorityinsideNamibia,relevantSupervisoryBodies,relevantregulatorsandtotheNamibiaCentralIntelligenceService.

(2) The Centre must record in writing the reasons for all decisions todiscloseinformationmadeundersubsection(1).

(3) Forthepurposesofsubsection(1),“information”,includesinrespectof a financial transaction or an importation or exportation of currency ormonetaryinstruments-

(a) thenameoftheclientoroftheimporterorexporter,oranypersonorentityactingontheirbehalf;

(b) thenameandaddressof theplaceofbusinesswhere the transactionoccurredor the addressof theport of entry intoNamibiawhere theimportationorexportationoccurredandthedatewhenthetransaction,importationorexportationoccurred;



(c) theamountandtypeofcurrencyormonetaryinstrumentsinvolvedor,inthecaseofatransaction,ifnocurrencyormonetaryinstrumentsareinvolved,thevalueofthetransactionorthevalueofthefundsthatarethesubjectofthetransaction;

(d) in the case of a transaction, the transaction number and the accountnumber,ifany;and

(e) anyothersimilaridentifyinginformationthatmaybeprescribedforthepurposesofthissection.

(4) TheCentremay,spontaneouslyoruponrequestdiscloseanyinformationtoaninstitutionoragencyinaforeignstatethathaspowersanddutiessimilartothoseoftheCentreunderthisActonsuchtermsandconditionsasaresetoutinanagreement,betweentheCentreandthatforeignagencyregardingtheexchangeofthatinformation.

(5) Withoutlimitingthegeneralityofsubsection(4),anagreemententeredintounderthatsubsectionmay-

(a) restrict the use of information to purposes relevant to investigatingor prosecuting an unlawful activity,money laundering, financing ofterrorism,oranoffencethatissubstantiallysimilartosuchoffences;and

(b) stipulatethattheinformationbetreatedinaconfidentialmannerandnotbefurtherdisclosedwithouttheexpressconsentoftheCentre.

(6) The Centremay inwriting authorise a competent authority to haveaccesstosuchinformationastheCentremayspecifyforthepurposesofperformingtherelevantauthority’sfunctions.

(7) TheCentremay,inwriting,authorisetheProsecutor-GeneralorhisorherdesignatedofficertohaveaccesstosuchinformationastheCentremayspecifyforthepurposeofperforminghisorherdutiesordealingwithaforeignstate’srequesttomutualassistanceincriminalmatters.

(8) Despite anything to the contrary in subsection (4) the Centre may,spontaneouslyorupon request, discloseany information toan institutionoragencyinaforeignstatethathasthepowersanddutiestothoseoftheCentreunderthisActiftheCentreissatisfiedthatthatcorrespondinginstitutionhasgivenappropriatewrittenundertakings-

(a) forprotectingtheconfidentialityofanyinformationcommunicatedtoit;and

(b) forcontrollingtheusethatwillbemadeoftheinformation,includinganundertakingthatitwillnotbeusedasevidenceinanyproceedings.

(9) TheCentremaymakeinquiriesonbehalfofaforeignagenciesagencywhere the inquiry may be relevant to the foreign agencies agency’s analysis of amatterinvolvingsuspectedproceedsofcrime,moneylaundering,terroristpropertyorsuspectedfinancingofterrorism.



(10) Inmakinginquiriesasprovidedforinsubsection(9),theCentremay-

(a) search its own databases, including information related to reportsof suspicious transactions and suspicious activities, requests forinformation and other databases to which the Centre has direct orindirectaccess,includinglawenforcementdatabases,publicdatabases,administrativedatabasesandcommercialdatabases;

(b) obtainfromaccountableinstitutionsorreportinginstitutions,orfromany other person holding records or information on behalf of suchaccountable or reporting institutions, information that is relevant inconnectionwithsuchrequest;

(c) obtain from competent authorities information that is relevant inconnectionwithsuchrequest;and

(d) takeanyotheractioninsupportoftherequestoftheforeignagenciesthatisconsistentwiththeauthorityoftheCentre.

(11) A person who obtains information from the Centre must use thatinformationonlywithinthescopeofthatperson’spowersanddutiesandforthepurposesauthorisedbythisAct.

(12) TheCentremaymakeavailableanyinformationobtainedbyit,ortowhichithasaccess,toanyministry,officeoragencywithinGovernment,asupervisorybody, a regulator, a self-regulating association or organisation or accountable andreportinginstitutionsthatisaffectedbyorhasalegitimateinterestinthatinformation.

(13) A personwho uses information obtained from theCentre otherwisethaninaccordancewiththissectioncommitsanoffenceandisliableonconvictiontoafinenotexceedingN$100millionortoimprisonmentforaperiodnotexceeding30years,ortobothsuchfineandimprisonment.

Protection of confidential information

49. (1) ApersonmaynotdiscloseconfidentialinformationheldbyorobtainedfromtheCentreexcept-

(a) within the scopeof that person’s powers andduties in termsof anylegislation;


(c) withthepermissionoftheCentre;

(d) forthepurposeoflegalproceedings,includinganyproceedingsbeforeajudgeinchambers;or

(e) intermsofanorderofacourt.

(2) ApersonwhohasobtainedinformationfromtheCentreunderthisActmaynot,whenheor she is no longer authorised tokeep the informationunder this



Act,makearecordoftheinformation,discloseorcommunicatetheinformationinanycircumstances.

(3) ApersonwhocontravenesthissectioncommitsanoffenceandisliabletoafinenotexceedingN$100millionortoimprisonmentforaperiodnotexceeding30years,ortobothsuchfineandsuchimprisonment.

Protection of informers and information

50. (1) WhereapersondisclosestotheCentreinformationintermsofsection33,thatanyproceedsofunlawfulactivitiesisusedinconnectionwithorderivedfrommoneylaundering,orterroristfinancingoranymatteronwhichthatinformationisbased-

(a) ifheorshedoesanyactincontraventionoftheprovisionsofthisActandthedisclosurerelatestothearrangementconcernedheorshedoesnotcommitanoffenceifthedisclosureismade-

(i) beforeheor shedoes theact concerned,beinganactdonewiththeconsentoftheCentre;or

(ii) afterheorshedoestheact,butthedisclosureismadeonhisorherinitiativeandassoonasitisreasonableforhimorhertomakeit;

(b) despiteanyotherwrittenlaworthecommonlawthedisclosureshallnotbetreatedasabreachofanyrestrictiononthedisclosureofinformationimposedbyanylaw,contractorrulesofprofessionalconduct;and

(c) heorsheisnotliableforanydamagesforanylossarisingoutof-

(i) thedisclosure;or

(ii) anyactdoneorcommittedtobedoneinrelationtothepropertyinconsequenceofthedisclosure

(2) WhereanyinformationrelatingtoanoffenceunderthisActisreceivedbyanauthorizedofficertheinformationandidentityofthepersongivingtheinformationmust be confidential between the authorized officer and that person and everythingcontainedinsuchinformation,theidentityofthepersonwhogavetheinformationandallother circumstances relating to the information, including theplacewhere itwasgiven,maynotbedisclosedexceptforthepurposesofassistingtheCentretocarryoutitsfunctionsasstatedunderthisAct.

(3) A person who obstructs, hinders or threatens another person in theperformanceoftheirdutiesintermsofthisActoranyregulation,order,notice,circular,determinationordirectiveissuedintermsofthisActcommitsanoffenceandisliabletoafinenotexceedingN$100millionortoimprisonmentforaperiodnotexceeding30years,ortobothsuchfineandsuchimprisonment.



PART5COMPLIANCEANDENFORCEMENTOFACT

Exhausting of other measures before penalties

51. (1) Forpurposesofsections54and55,theCentremustperformitsfunctionsandexerciseitspowersafterconsultationwiththerelevantsupervisorybodyofanaccountableorreportinginstitution.

(2) Despitethepenaltiesprovidedforintermsofsubsections21(5),22(6),23(3),24(3),25(8),26(4),27(3),31(3),32(2),33(5),34(7),35(12),39(10),40(3)and43(5),theCentreorasupervisorybodymay,ifthecircumstancesofthenon-compliancesojustifies,firstexhaustmeasuresprovidedforintermsofsections54,55,56and60.

Appointment of inspectors

52. (1) TheDirectorortheheadofasupervisory,asthecasemaybe,mayappointanypersonintheserviceoftheCentreorsupervisorybodyoranyothersuitablepersonasaninspectorforthepurposesofdeterminingcompliancewiththisActoranyregulation,notice,order,circular,determinationordirectiveissuedintermsofthisAct.

(2) The Director or the head of a supervisory may determine theremunerationtobepaidtoapersonwhoisappointedintermsofsubsection(1)thatisnotinthefull-timeserviceoftheCentreorsupervisorybody.

(3) TheDirectorortheheadofasupervisorybodymustissueaninspectorappointedinsubsection(1)withacertificateofappointmentsignedbytheDirectorortheheadofthesupervisorybody.

(4) Acertificateofappointmentissuedundersubsection3musthave-

(a) thefullnameofthepersonsoappointed;

(b) hisorheridentitynumber;

(c) hisorhersignature;

(d) hisorherphotograph;

(e) adescriptionofthecapacityinwhichheorsheisappointed;and

(f) theextentofhisorherpowerstoinspect.

(5) WheretheheadofasupervisorybodyisauthorisedbyanyotherActtoappointinspectors,heorshemayextendtheappointmentandfunctionsofinspectorsunderthatActtoincludetheundertakingofinspectionsunderthisAct.

(6) In undertaking inspections under this Act, an inspector whoseappointmentorfunctionshavebeenextendedundersubsection(5),may,inadditiontothefunctionsimposeduponsuchinspectorundertheActcontemplatedinsubsection(5),performanyofthefunctionsimposedintermsofthisAct.



(7) Any extended appointment contemplated in subsection (5) must bereflectedinanycertificateorappointmentdocumentissuedbytheheadofthesupervisorybodytoaninspectorundertheActcontemplatedinthatsubsection.

(8) WhenaninspectorundertakesaninspectionintermsofthisAct, theinspectormust-

(a) beinpossessionofacertificateofappointment;and

(b) onrequest,showthatcertificatetoanypersonwhois-

(i) directly affected by the performance of the functions of theinspector;or

(ii) isinchargeofanypremisestobeinspected.

Inspections

53. (1) For thepurposesofdeterminingcompliancewith thisActoranyregulation,notice,order,circular,determinationordirectiveissuedintermsofthisAct,aninspectormayatanytimeandonnotice,enterandinspectanypremisesatwhichtheCentrethesupervisorybodyorregulatorybodyreasonablybelievesthebusinessofanaccountableinstitution,reportinginstitutionorotherpersontowhomtheprovisionsofthisActapply,isconducted.

(2) Aninspector,inconductinganinspection,may-

(a) inwritingdirectapersontoappearforquestioningbeforetheinspectoronadate,timeandplacedeterminedbytheinspector;

(b) order any personwho has or had any document in his or her or itspossessionorunderhisorheroritscontrolrelatingtotheaffairsoftheaccountableinstitution,reportinginstitutionorperson:

(i) toproducethatdocument;or

(ii) to furnish the inspector at the place and in the mannerdeterminedbytheinspectorwithinformationinrespectofthatdocument;

(c) openanystrongroom,safeorothercontainer,ororderanypersontoopenanystrongroom,safeorothercontainer,inwhichtheinspectorsuspectsanydocumentrelevanttotheinspectioniskept;

(d) use any computer system or equipment on the premises or requirereasonable assistance from any person on the premises to use thatcomputersystemto-

(i) access any data contained in or available on that computersystem;and

(ii) reproduce any document from data stored on that computersystem;



(e) examineormakeextractsfromorcopyanydocumentinthepossessionofanaccountableinstitution,reportinginstitutionorpersonandagainstthe issue of a receipt, remove that document temporarily for thatpurpose;and

(f) against the issueof a receipt, seize anydocument obtained in termsof paragraphs (c) to (e) which in the opinion of the inspector mayconstituteevidenceofnon-compliancewithaprovisionofthisActoranyregulation,order,determinationordirectiveissuedintermsofthisAct.

(3) An accountable institution, reporting institution or other person towhomthisActapplies,mustwithoutdelayprovidereasonableassistancetoaninspectoractingintermsofsubsection(2).

(4) AninspectormaynotdisclosetoanypersonnotintheserviceoftheCentreorsupervisorybodyanyinformationobtainedintheperformanceoffunctionsunderthisAct,accept-

(a) forthepurposeofenforcingcompliancewiththisActoranyregulation,order,determinationordirectiveissuedintermsofthisAct;

(b) whenrequiredtodosobyacourtorder;or

(c) if theCentre or supervisory body is satisfied that it is in the publicinteresttoreleasesuchinformation.

(5) Apersonwho-

(a) obstructs,hindersorthreatensaninspector;

(b) whofailstoappearforquestioning;

(c) whogivesfalseinformationtotheinspector;or

(d) whofailstocomplywithareasonablerequestororderbyaninspectorin theperformanceof his or her duties or the exercise of his or herpowersintermsofthisAct,

commitsanoffenceandisliabletoafinenotexceedingN$10millionortoimprisonmentforaperiodnotexceeding10years,ortobothsuchfineandsuchimprisonment.

Directives

54. (1) The Centre, after consultation with the relevant supervisorybodymaybynoticeintheGazetteissueadirectivetoallinstitutions,oranycategoryof institutions, orother categoryofpersons towhom thisAct applies, regarding theapplicationofthisAct.

(2) TheCentreorasupervisorybodymayinwriting,overandaboveanydirectivecontemplatedinsubsection(1),issueadirectivetoanyaccountableinstitution,category of accountable institutions, reporting institution, category of reportinginstitutionsorotherpersontowhomthisActapplies,to-



(a) providetheCentreorthatsupervisorybody,asthecasemaybe-

(i) with the information, reports or statistical returns specifiedinthedirective,atthetimeorattheintervalsspecifiedinthedirective;or

(ii) with any document in its possession or custody or under itscontrol,withintheperiodspecifiedinthedirective;

(b) cease or refrain from engaging in any act, omission or conduct incontraventionofthisAct;

(c) performactsnecessarytoremedyanynon-compliancewiththisAct;or

(d) performactsnecessarytomeetobligationsimposedbythisAct.(3) TheCentreorsupervisorybodymayexamineadocumentsubmittedto

itintermsofsubsection(2)(a)(ii) ormakeacopythereoforparthereof.

(4) Thecostsincurredincomplyingwithadirectivemustbebornebytheaccountableinstitution,reportinginstitutionorpersonconcerned.

(5) Anaccountableinstitutionorareportinginstitutionorpersonthatfailstocomplywithadirective issued in termsof thissectioncommitsanoffenceand isliabletoafinenotexceedingN$10millionor,wherethecommissionoftheoffenceisattributabletoarepresentativeoftheaccountableorreportinginstitution,tosuchfineor imprisonment for aperiodnot exceeding10years, or toboth suchfine and suchimprisonment.

Enforceable undertakings and enforcement

55. (1) TheDirector,afterconsultationwithanyrelevantsupervisorybody,mayacceptanyofthefollowingundertakingsfromapersonauthorisedtoactonbehalfofeitheranaccountableorreportinginstitution-

(a) a written undertaking that the accountable or reporting institutionwill,inordertocomplywiththisAct,itsregulations,orders,notices,circulars,determinationsordirectivesmadeintermsofthisActs,takespecifiedaction;

(b) awrittenundertakingthattheaccountableorreportinginstitutionwill,inorder tocomplywith thisAct,orany regulations,orders,notices,circulars, determinations or directives issued in terms of this Act,refrainfromtakingspecifiedaction;

(c) awrittenundertakingthattheaccountableorreportinginstitutionwilltakespecifiedactiondirectedtowardsensuringthattheaccountableorreportinginstitutiondoesnotcontravenethisAct,oranyregulations,order,notice,circular,determinationordirectiveissuedintermsofthisAct,orthatit isunlikelyfortheaccountableorreportinginstitutionto contravene this Act, or any regulations, order, notice, circular,determinationordirectiveissuedintermsofthisAct,inthefuture.



(2) ThepersonmaywithdraworvarytheundertakingonlywiththeconsentoftheDirector.

(3) The Director may, after consultation with any relevant supervisorybodybywrittennoticegiventotheperson,canceltheundertaking.

(4) TheDirectormaypublishacopyoftheundertakingormakeavailabletoanyinterestedpersonacopyoftheundertaking.

(5) TheDirector,beforemakingavailablesuchundertaking,mustdeleteinformationthattheDirectorissatisfiedis-

(a) confidentialinformationwithcommercialvalue;or

(b) informationthatmaynotbereleasedasitisagainstthepublicinteresttodoso;or

(c) informationthatconsistsofpersonaldetailsofanindividual.

(6) IftheDirectorhasreasontobelievethatanypersonwhohasgivenanundertakingintermsofthissectionhasbreachedsuchundertaking,theDirectormayapplytotheHighCourtforanorderintermsofsubsection(7).

(7) If the High Court is satisfied that the person has breached theundertaking,theCourtmaymake-

(a) anorderdirectingthepersontocomplywiththeundertaking;

(b) anorderdirectingthepersontopaytotheFund,anamountuptotheamountofanyfinancialbenefitthatthepersonhasobtaineddirectlyorindirectlyandthatisreasonablyattributabletothebreach;

(c) anyotherordertheCourtthinksappropriate.

Administrative sanctions

56. (1) TheCentreorasupervisorybodymayimposeanadministrativesanctionreferredtoinsubsection(3)onanyaccountableinstitution,reportinginstitutionorotherpersontowhomthisActapplieswhensatisfiedonavailablefactsandinformationthattheinstitutionorperson-

(a) has failed to complywith a provision of thisAct or any regulation,order,determinationordirectiveissuedintermsofthisAct;

(b) hasfailedtocomplywithaconditionofalicence,registration,approvalorauthorisationissuedoramendedinaccordancewiththisActoranyotherlaw;or

(c) hasfailedtocomplywithadirectiveissuedintermsofsection54(1)or(2).

(2) Indetermininganappropriateadministrativesanction,theCentreorthesupervisorybodymustconsiderthefollowingfactors-



(a) the nature, duration, seriousness and extent of the relevant non-compliance;

(b) whethertheinstitutionorpersonhaspreviouslyfailedtocomplywithanylaw;

(c) any remedial steps taken by the institution or person to prevent arecurrenceofthenon-compliance;

(d) anystepstakenortobetakenagainsttheinstitutionorpersonby-

(i) anothersupervisorybody;or

(ii) avoluntaryassociationofwhichtheinstitutionorpersonisamember;and

(e) anyotherrelevantfactor,includingmitigatingfactors.

(3) TheCentreorasupervisorybodyafterconsultationwitheachother,andwhereapplicable,afterconsultationwithrelevantregulatorybody,mayimposeanyoneormoreofthefollowingadministrativesanctions-

(a) acautionnot to repeat theconductwhich led to thenon-compliancereferredtoinsubsection(1);

(b) areprimand;

(c) adirectivetotakeremedialactionortomakespecificarrangements;

(d) therestrictionorsuspensionofcertainidentifiedbusinessactivities;

(e) suspensionoflicencetocarryonbusinessactivities;or

(f) afinancialpenalty,notexceedingN$10million,asdeterminedbytheCentre,afterconsultationwith therelevantsupervisoryorregulatorybodies.

(4) TheCentreorsupervisorybodymay-

(a) in addition to the imposition of an administrative sanction, makerecommendations to the relevant institution or person in respect ofcompliance with thisAct or any regulation, order, determination ordirectiveissuedintermsofthisAct;

(b) directthatafinancialpenaltymustbepaidbyanaturalperson(s)forwhose actions the relevant institution is accountable in law, if thatperson or persons was or were personally responsible for the non-compliance;

(c) suspend anypart of an administrative sanctionon any condition theCentreorthesupervisorybodyconsidersappropriateforaperiodnotexceedingfiveyears.



(5) Before imposing an administrative sanction, the Centre or thesupervisorybodymustgivetheinstitutionorpersonreasonablenoticeinwriting-

(a) ofthenatureoftheallegednon-compliance;

(b) oftheintentiontoimposeanadministrativesanction;

(c) of the amountorparticularsof the intendedadministrative sanction;and

(d) advise that the institutionorpersonmay, inwriting,withinaperiodspecifiedinthenotice,makerepresentationsastowhytheadministrativesanctionshouldnotbeimposed.

(6) After considering any representations and the factors referred to insubsection(2),theCentreorthesupervisorybody,subjecttosubsection(8),mayimposeanadministrativesanctiontheCentreorsupervisorybodyconsidersappropriate.

(7) UponimposingtheadministrativesanctiontheCentreorsupervisorybodymust,inwriting,notifytheinstitutionorpersonof-

(a) thedecisionandthereasonstherefor;and

(b) therighttoappealagainstthedecisioninaccordancewithsection58.

(8) TheCentremust,priortotakingadecisioncontemplatedinsubsection(6),consulttherelevantregulator,whereapplicable.

(9) AnyfinancialpenaltyimposedmustbepaidintothebankaccountoftheFund,withintheperiodandinthemannerasmaybespecifiedintherelevantnotice.

(10) If the institution or person fails to pay the financial penalty withinthe specified period and an appeal has not been lodgedwithin the required period,theCentreorthesupervisorybodymayforthwithfilewiththeclerkorregistrarofacompetentcourtacertifiedcopyofthenoticecontemplatedinsubsection(7)andthenoticethereuponhastheeffectofaciviljudgmentlawfullygiveninthatcourtinfavouroftheCentreorsupervisorybody.

(11) An administrative sanction contemplated in this sectionmay not beimposediftherespondenthasbeenchargedwithacriminaloffenceinrespectofthesamesetoffacts.

(12) If a court assesses the penalty to be imposedon a person convictedofanoffenceintermsofthisAct,thecourtmaytakeintoaccountanyadministrativesanctionimposedunderthissectioninrespectofthesamesetoffacts.

(13) An administrative sanction imposed in terms of this Act does notconstituteapreviousconvictionascontemplatedinChapter27oftheCriminalProcedureAct,1977(ActNo.51of1977).

(14) UnlesstheDirectorortheheadofasupervisorybodyisoftheopinionthat there are exceptional circumstances present that justify the preservation of the



confidentialityofanydecision,theDirectorortheheadofthesupervisorybodymustmakepublicthedecisionandthenatureofanysanctionimposedif-

(a) aninstitutionorpersondoesnotappealagainstadecisionoftheCentreorsupervisorybodywithintherequiredperiod;or

(b) the appeal board confirms the decision of theCentre or supervisorybody.

Appeal board

57. (1) Uponreceiptofanoticeofappealbyaninstitutionorpersonmadeunder section58against thedecisionof theCentreora supervisorybody, theMinister,onrecommendationoftheCouncil,mustappointanappealboardtohearanddecidetheappeal.

(2) TheAppealboardconsistsof-

(a) onepersonwhohasaqualificationinlawandwithatleast10years’experience,whoisthechairperson;and

(b) twootherpersonswhohaveexperienceandextensiveknowledgeoffinancialinstitutionsorfinancialservicesprovisionorfinancialservicesregulation.

(3) The Minister may prescribe additional qualifications, terms andconditionsandotherrequirementsforappointmentasmembersoftheappealboard.

(4) Ifbeforeorduringtheconsiderationofanyappealittranspiresthatanymemberoftheappealboardhasanydirectorindirectpersonalinterestintheoutcomeofthatappeal,themembermustdeclarehisorherinterestandrecusehimselforherselfandmustbereplacedbyanotherperson.

(5) Amember of the appeal boardmay be paid such remuneration andallowancesastheMinistermaydetermine.

(6) The Centre is responsible for the expenditure of and administrativesupportfortheappealboard.

Appeals

58. (1) Any institution or person may appeal to the appeal boardagainstadecisionoftheCentreorasupervisorybodymadeintermsofthisAct.

(2) Anappealmustbelodgedwithin30daysofthedeliveryofthedecision

oftheCentreorasupervisorybody,inthemanner,andonpaymentofthefeesprescribedbytheMinister.

(3) Anappealundersubsection(1)takesplaceonthedate,attheplaceandtimedeterminedbytheappealboard.

(4) An appeal is decided on the affidavits and supporting documentspresentedtotheappealboardbythepartiestotheappeal.



(5) Despitetheprovisionsofsubsection(4)theappealboardmay-

(a) summonanypersonwho,initsopinion,maybeabletogiveinformationforthepurposesofdecidingtheappealorwhoitbelieveshasinhis,heroritspossession,custodyorcontrolanydocumentwhichhasanybearinguponthedecisionunderappeal,toappearbeforeitonadate,timeandplacespecifiedinthesummons,tobequestionedortoproduceany relevant document and retain for examination any document soproduced;

(b) administeranoathtooracceptanaffirmationfromanypersoncalledasawitnessatanappeal;and

(c) call any person present at the appeal proceedings as a witness andinterrogate such person and require such person to produce anydocumentinhis,heroritspossession,custodyorcontrol.

(6) Thechairpersonoftheappealboardmaydetermineanyotherproceduralmattersrelatingtoanappeal.

(7) Anapplicantorrespondenttoanappealisentitledtoberepresentedatanappealbyalegalpractitioneroranypersonofhisorherchoice.

(8) Theappealboardmay-

(a) confirm,setasideorvaryadecisionoftheCentreorsupervisorybody;or

(b) referamatterbackforconsiderationorreconsiderationbytheCentreorthesupervisorybodyconcernedinaccordancewiththedirectionsoftheappealboard.

(9) The decision of a majority of the members of the appeal boardconstitutesthedecisionofthatBoard.

(10) Thedecisionoftheappealboardmustbeinwriting,andacopythereofmustbemadeavailabletotheappellant,theCentreandthesupervisorybody.

(11) IftheappealboardsetsasideanydecisionoftheCentreorsupervisorybody, the feescontemplated insubsection (2)paidby theappellant in respectof theappealinquestionmustberefundedtotheappellant.

(12) Iftheappealboardvariesanysuchdecision,itmaydirectthatthewholeoranypartofsuchfeesberefundedtotheappellant.

(13) Subjecttosubsection(14),adecisionoftheappealboardmaybetakenonappealtotheHighCourtasifitwereadecisionofamagistrateinacivilmatter.

(14) Thelaunchingofappealproceedingsintermsofsubsection(13)doesnotsuspendtheoperationorexecutionofadecision,unlesstheCentreorsupervisorybodydirectsotherwise.



Referral of suspected offences to competent authorities or Prosecutor-General or other public bodies

59. Despitesections54,55and56,iftheCentreintheperformanceofitsfunctionshasreasonablegroundstosuspectthatanaccountableorreportinginstitution,or anyother personwho is subject to thisAct, has contravenedor failed to complywithanyprovisionofthisActoranyregulation,order,rule,circular,notice,directive,determination, undertaking or guideline applicable to that accountable or reportinginstitutionorperson,itmay,ifitconsidersitappropriatetodoso,referthemattertoarelevantcompetentauthority,togetherwithanyrecommendationtheCentreconsidersappropriate.

Application to court

60. (1) TheCentre or any supervisory body, after consultationwitheach other, may institute proceedings in the High Court against any accountableinstitution,reportinginstitutionorpersontowhomthisActapplies,to-

(a) dischargeanyobligationimposedbytheCentreorsupervisorybodyintermsofthisAct;

(b) compeltheinstitutionorpersontocomplywithanyprovisionofthisAct;

(c) ceasecontraveningaprovisionorprovisionsofthisAct;

(d) compeltheinstitutionorpersontocomplywithadirectiveissuedbytheCentreorsupervisorybodyunderthisAct;or

(e) obtainadeclaratoryorderagainsttheinstitutionorpersononanypointof law relating toanyprovisionof thisActorany regulation,order,notice,circular,determinationordirectivemadeintermsofthisAct.

(2) If the Centre or a supervisory body has reason to believe that aninstitutionorperson isnot complyingwith thisActor any regulation,order, notice,circular,determinationordirectivemadeintermsofthisAct,itmay,ifitappearsthatprejudicehasoccurredormightoccurasaresultofsuchnon-compliance,applytoacourthavingjurisdictionfor-

(a) anorderrestrainingtheinstitutionorpersonfromcontinuingbusiness

pendinganapplicationtocourtbytheCentreorsupervisorybodyascontemplatedinsubsection(1);or

(b) anyotherordertheCourtmaythinkappropriate.

(3) Ifanaccountableorreportinginstitutionorperson,towhomthisActapplies,failstocomplywithanorderofcourtascontemplatedinsubsection(1),theCentreorsupervisorybodymay,afterconsultationwitheachother,referthematterforinvestigationorprosecutionascontemplatedinsection59.



Powers of authorised officers

61. (1) Where an authorised officer is satisfied, or has reason tosuspect, that apersonhascommittedanoffenceunder thisActor thePreventionofOrganizedCrimeAct,heorshemay,withoutasearchwarrant-

(a) enteranypremisesbelongingtoorinthepossessionorcontrolofthepersonorhisorheremployee,andinthecaseofabodycorporate,itsdirectorormanager;

(b) search the premises for any property, electronic information anddevices,record,reportordocument;

(c) inspect, make copies of or take extracts from any record, report ordocumentsoseizedanddetained;

(d) seize, take possession of, and detain for such duration as he or shethinks necessary, any property, electronic information and devices,record,reportordocumentproducedbeforehimorherinthecourseoftheinvestigationoforfoundonthepersonwhoisbeingsearchedbyhimorher.

(2) Anauthorizedofficerinthecourseofhisorherinvestigationorsearchmust-

(a) prepare and sign a list of everyproperty, electronic information anddevices,record,reportordocumentseized;and

(b) state in the list the location in which, or the person on whom, theproperty,record,reportordocumentisfound.

(3) Whenconductinghisorherdutiesintermsofthissectionanauthorisedofficermaycallonanyotherauthorisedofficerorcompetentauthoritytoassisthimorher.

(4) Anypersonwho-

(a) refusesanyauthorizedofficeraccesstoanypremises,orfailstosubmittothesearchofhisorherperson;

(b) assaults,obstructs,hindersordelaysanauthorizedofficerineffectinganyentrancewhichheorsheisentitledtoeffect;

(c) failstocomplywithanylawfuldemandsofanyauthorizedofficerintheexecutionofhisorherdutiesunderthisAct;

(d) refuses to give to an authorized officer any property, document orinformationwhichmayreasonablyberequiredofhimorherandwhichhehasinhispowertogive;

(e) failstoproduceto,orconcealorattempttoconcealfrom,anauthorisedofficer,anyproperty,record,reportordocument,whichtheauthorizedofficerrequires;



(f) rescuesorattemptstorescueanythingwhichhasbeenseized;

(g) furnishestoanauthorisedofficerastrueanyinformationwhichheorsheknowsorhasreasontobelieveisfalse;or

(h) before or after any search or seizure, breaks or otherwise destroysanythingtopreventitsseizure,orthesecuringoftheproperty,record,reportordocument,

commitsanoffenceandisliabletoafinenotexceedingN$10millionortoimprisonmentforatermnotexceeding10years,ortobothsuchfineandsuchimprisonment,andinacaseofacontinuingoffence,toafurtherfinenotexceedingN$50000foreachdayduringwhichtheoffencecontinuesafterconviction.

(5) Anauthorizedofficermay,byanotice inwritingrequireanypersontodelivertohimorheranyproperty,record,reportordocumentwhichheorshehasreasontosuspecthasbeenusedinthecommissionofanoffenceunderthisActorisabletoassistintheinvestigationofanoffenceunderthisActthatisinthepossessionorcustodyof,orunderthecontrolof,thatpersonorwithinthepowerofthatpersontofurnish.

Release of property, record, report or document seized

62. (1) An authorized officer, unless otherwise ordered by a court,must-

(a) at the close of an investigation or any proceedings arising from theinvestigation;or

(b) withthepriorwrittenconsentoftheCentreorinvestigatingauthority,atanytimebeforethecloseofaninvestigation,

releaseanyproperty,record,reportordocumentseized,detainedorremovedbyhimor her or anyother authorizedofficer, to suchperson as heor shedetermines tobelawfullyentitledtotheproperty,record,ordocumentifheorsheissatisfiedthatitisnotrequiredforthepurposeofanyprosecution,freezingorforfeitureofproceedsofcrimeorpropertyofcorrespondingvalueunderthePreventionofOrganizedCrimeAct,2004,orproceedingsunderthisAct,orforthepurposeofanyprosecutionunderanyotherlaw.

(2) Anauthorisedofficereffectingthereleaseundersubsection(1)mustrecordinwritingthecircumstancesofandthereasonforsuchrelease.

(3) Where the authorized officer is unable to determine the personwhoislawfullyentitledtotheproperty,record,reportordocumentorwherethereismorethanoneclaimanttotheproperty,record,reportordocument,orwheretheauthorisedofficerisunabletolocatethepersonundersubsection(1)whoislawfullyentitledtothe property, record or document, the authorised officermust report thematter to amagistratewhomustthendealwiththeproperty,record,reportordocumentintermsoftherelevantlawdealingwithsuchmatters.



PART6OFFENCESANDPENALTIES

Offences in general

63. Apersonwho-

(a) knowing or suspecting information is held by the Centre directlyor indirectly brings, otherwise than in the course of dischargingan obligation under this Act, that information or the fact that thatinformationisheldtotheattentionofanotherperson;

(b) destroys or in any other way tampers with information kept by theCentreforthepurposesofthisAct;

(c) knowingorsuspectingthatinformationhasbeendisclosedtotheCentre,directlyorindirectlybringsinformationwhichislikelytoprejudiceaninvestigationresultingfromthatdisclosuretotheattentionofanotherperson;

(d) unduly influences, obstructs, hinders, interferes with or threatensor attempts to unduly influence, obstruct, hinders, interfereswith orthreatenanofficialorrepresentativeoftheCentreintheperformanceoftheirdutiesortheexerciseoftheirpowersintermsofthisAct;

(e) with intent to defraud, in respect of a document to be produced orsubmittedunderanyprovisionofthisAct,makesorcausestobemadeafalseentryoromitstomake,orcausestobeomittedanyentry;

(f) failstocomplywiththeprovisionsofanyregulation,guideline,circular,notice,directive,determinationorundertakingissuedintermsofthisAct,

commitsanoffenceandisliabletoafinenotexceedingN$100millionortoimprisonmentforaperiodnotexceeding30years,ortobothsuchfineandsuchimprisonment.

Jurisdiction of magistrates’ courts in respect of offences

64. (1) Despiteanythingtothecontraryinanyotherlawcontained,amagistrate’scourthasjurisdictiontoimposeanypenaltyprovidedforinthisAct,eventhoughthatpenaltymay,eitheraloneortogetherwithanyadditionalpenaltyimposedbythatcourt,exceedthepunitivejurisdictionofthatcourt.

(2) Where an act, course of conduct or omission which constitutes anoffenceunderthisActisorwas-

(a) donebyanationalofNamibiawithinNamibiaorelsewhere;

(b) donebyanypersononavehicle,shiporotherseafaringvesseloraircrafttravelingthroughNamibia,puttingintoportinNamibiaorlandingonalandingstriporairportinNamibia;or



(c) donebyapersonoutsideNamibiaandotheracts,coursesofconductor omissions forming part of the offence are done or to be done inNamibia;

(d) donebyanypersonoutsideNamibiaandtheeffectsoftheoffencearefeltinNamibia,

thepersonconcernedmay,regardlessofanythinginanylawtothecontrary,butsubjecttothisAct,betriedandpunishedbyanycourtwhichhasjurisdictionovercriminalmattersinNamibia.

Offence committed by person acting in official capacity

65. (1) Whereanoffenceiscommittedbyalegalperson,trustoranassociationofpersons,aperson-

(a) whoisitsdirector,controller,orpartner;or

(b) whoisresponsibleforthemanagementofitsaffairs,

atthetimeofthecommissionoftheoffence,isdeemedtohavecommittedthatoffenceunlessthatpersonprovesthattheoffencewascommittedwithouthisorherconsentorconnivanceandthatheorsheexercisedsuchdiligencetopreventthecommissionoftheoffenceasheorsheoughttohaveexercised,havingregardtothenatureofhisorherfunctioninthatcapacityandtothecircumstances.

(2) Despitethefactthatalegalperson,trustorassociationofpersonshasnotbeenconvictedofanoffenceundersubsection(1),anindividualmaybeprosecutedforthatoffence.

(3) Subsection(1)doesnotaffectthecriminalliabilityofthelegalperson,trustorassociationofpersonsfortheoffencereferredtointhatsubsection.

(4) Any personwho would have committed an offence if any act hadbeendoneoromittedtobedonebyhimorherpersonallycommitsthatoffenceandisliabletothesamepenaltyifthatacthadbeendoneoromittedtobedonebyhisorheragentorofficerinthecourseofthatagent’sbusinessorinthecourseofthatofficer’semployment,unlessheorsheprovesthattheoffencewascommittedwithouthisorherknowledgeorconsentandthatheorshetookallreasonableprecautionstopreventthedoingof,oromissiontodothatact.

PART7

MISCELLANEOUS

Act not to limit powers of investigation authorities

66. ThisAct doesnot affect a competent authority’s powers in termsofotherlegislationtoobtaininformationforthepurposeofcriminalinvestigations.



Regulations

67. (1) TheMinister,afterconsultingtheCouncilandtheCentre,maymakeregulationsconcerning-

(a) anymatterthatmaybeprescribedintermsofthisAct;

(b) measurestoensurethesecurityofinformationdisclosedtoandobtainedbytheCentre;

(c) therecognitionandhandlingbyaccountableorreportinginstitutionsofsuspectedmoneylaunderingorfinancingofterrorismtransactions;

(d) internalrulestobeformulatedandimplementedintermsofsection39;

(e) themannerandforminwhichaccountableorreportinginstitutionsaretokeeprecordsrequiredbythisAct;

(f) the reasonable steps to be taken by an accountable or reportinginstitutiontoestablishtheidentityofanexistingclientorprospectiveclient;and

(g) the procedures to be followed when cash or bearer negotiableinstrumentsareforfeitedtotheStateintermsofsubsection36(7);and

(h) anyothermatterwhichmayfacilitatetheimplementationofthisAct.

(2) Regulationsintermsofsubsection(1)may-

(a) differ for different accountable or reporting institutions, categoriesof accountable or reporting institutions and different categories oftransactions;and

(b) belimitedtoaparticularaccountableorreportinginstitutionorcategoryof accountable or reporting institutions or a particular category oftransactions.

(3) Aregulationmadeunderthissectionmayprovidefor-

(a) criminalpenaltiesofafinenotexceedingN$10millionorimprisonmentfor aperiodnot exceedingfiveyears, or of both suchfine and suchimprisonmentforanycontraventionoforfailuretocomplywithsuchregulation;or

(b) administrativepenaltiesofafinenotexceedingN$10million.

Indemnity

68. TheMinister,Council,Centre, an employee or representative of theCentre,asupervisorybodyoranyotherpersonperformingafunctionorexercisingapowerintermsofthisActisnotliableforanythingdoneingoodfaithintermsofthisAct.



Service of notices

69. Any notice, statement or other document which is required to beprepared,executedorservedunderthisActmustbeprepared,executedorservedintheprescribedmanner.

Exemptions

70. (1) TheMinistermay,ontherecommendationof theCouncil, ifheorsheconsidersitconsistentwiththisActorintheinterestofthepublic,byorderpublished in theGazette,exemptapersonorclassofpersonsfromalloranyof theprovisionsofthisActforsuchdurationandsubjecttoanyconditionswhichtheMinistermayspecify.

(2) TheMinistermay, after having granted an exemption as referred toin subsection (1), and on recommendation of the Council, by order in theGazette,withdrawsuchanexemption.

Documents tracking

71. (1) WheretheCentreoranyothercompetentauthorityhasreasontobelievethatapersoniscommittingorisabouttocommitanoffenceunderthisAct,theCentreorthecompetentauthoritymayorder-

(a) thatanydocumentrelevanttoidentifying,locatingorquantifyinganypropertynecessaryforthetransferoftheproperty,belongingto,orinthepossessionorunderthecontrolofthatpersonoranyotherperson,bedeliveredtoit;or

(b) anypersontoproduceinformationonanytransactionconductedbyorforthatpersonwiththefirst-mentionedperson.

(2) Anypersonwhodoesnotcomplywithanorderundersubsection(1)commitsanoffenceandisliabletoafinenotexceedingN$100millionortoimprisonmentforaperiodnotexceeding,ortobothsuchfineandsuchimprisonment.

Repeal of laws

72. The Financial Intelligence Act, 2007 (Act No. 3 of 2007), andGovernmentNoticeNo.235of15December2011arerepealed.

Transitional provisions and savings

73. (1) With effect from the date of commencement of thisAct thecurrentDirectorandstaffoftheCentrearedeemedtohavebeenappointedinaccordancewiththisActandonsuchconditionsofserviceasappliedtothematthatdate.

(2) Anyregulationmadeoranyexemption,notice,circular,determinationor guidance issued or any other thing done under theAct repealed by section 72 isdeemedtohavebeenmade,issuedordoneunderthecorrespondingprovisionofthisAct.



Short title and commencement

74. (1) ThisAct is called the Financial IntelligenceAct, 2012 andcommencesonadatedeterminedbytheMinisterbynoticeintheGazette.

(2) Differentdatesmaybedeterminedundersubsection(1)inrespectofdifferentprovisionsofthisAct.

(3) AnyreferenceinanyprovisionofthisActtothecommencementofthisActisconstruedasareferencetothedatedeterminedundersubsection(1)inrelationtothatparticularprovision.



SCHEDULE1

ACCOUNTABLEINSTITUTIONS(Section2)

1. A person in his or her capacity as either a legal practitioner as defined intheLegalPractitionersAct,1995(ActNo.15of1995)andwhois inprivatepractice,oranestateagentasdefinedintheEstateAgentsAct,1976(ActNo.112of1976),oranAccountantorAuditor,orinanyothercapacity,whoacceptsinstructionsfromaclienttopreparefororcarryoutatransactionfortheclientinrespectofoneormoreofthefollowingactivities:

(a) Buyingandsellingofrealestateforcashorotherwise;

(b) Managingof clientmoney, securities, bankor securities accountsorotherassets;

(c) Facilitating or sourcing contributions for the creation, operation ormanagementoflegalpersonsorarrangements;

(d) Creation, operation or management of legal persons or legal andcommercialarrangements;

(e) Buyingandsellingofbusinessentities,orpartsthereof;and

(f) Buyingandsellingoflegalrights.

2. Anyotherpersonorentitythat,aspartoftheirnormalbusinessactivities,buysand/orsellsrealestateforcash.

3. Trust and Company Service Providerswhen they prepare for and carry out

transactionsfortheirclientinrelationtothefollowingactivities-

(a) actingasaformationagentoflegalpersons;

(b) acting as (or arranging for another person to act as) a director orsecretaryofacompany,apartnerofapartnership,orasimilarpositioninrelationtootherlegalpersons;

(c) providingaregisteredoffice;businessaddressorofficeaccommodation,correspondenceoradministrativeaddressforacompany,apartnershiporanyotherlegalpersonorlegalorcommercialarrangement;

(d) actingas(orarrangingforanotherpersontoactas)atrusteeofatrust;and

(e) acting as (or arranging for another person to act as) a nomineeshareholderforanotherperson.

4. Apersonorinstitutionthatcarrieson“bankingbusiness”orwhois“receivingfundsfromthepublic”asdefinedinsection1oftheBankingInstitutionsAct,1998(ActNo.2of1998).



5. Apersonthatcarriesonthebusinessofacasino.

6. Apersonor entity that carries on thebusiness of lending, includingbut notlimitedtothefollowing:

(a) The Agricultural Bank of Namibia established in terms of theAgriculturalBankofNamibiaAct,2003(ActNo.5of2003);

(b) The Development Bank of Namibia established in terms of theDevelopmentBankofNamibiaAct,2002(Act8of2002);

(c) TheNationalHousingEnterpriseestablishedintermsoftheNationalHousingEnterpriseAct,1993(ActNo.5of1993).

7. A person who carries on the business of trading in minerals specified inSchedule1oftheMinerals(ProspectingandMining)Act,1992(ActNo.33of1992)orpetroleumasdefinedinsection1ofthePetroleum(ExplorationandProduction)Act,1991(ActNo.2of1991).

8. Anypersonorentitytradinginthefollowing-

(a) moneymarketinstruments;

(b) foreignexchange;

(c) currencyexchange;

(d) exchange,interestrateandindexinstruments;

(e) transferablesecurities;

(f) commodityfuturestrading;and

(g) anyothersecuritiesservices.

9. A person who carries on the business of rendering investment advice orinvestmentbrokeringservices.

10. Namibia Post Limited established by section 2(1) (a) of the Posts andTelecommunicationsCompaniesEstablishmentAct,1992.

11. Aperson,whoissues,sellsor redeemstraveller’scheques,moneyorders,orsimilarpaymentinstruments.

12. Amemberofa stockexchange licensedunder theStockExchangesControl

Act,1985(ActNo.1of1985).

13. Anypersonorentitythatcarriesonthebusinessofelectronictransferofmoneyorvalue.

14. AnypersonorentityregulatedbytheNamibiaFinancialInstitutionsSupervisoryAuthority(NAMFISA)whoconductsasabusinessoneormoreofthefollowingactivities-



(a) Individualand/orCollectiveportfoliomanagement;

(b) Longterminsurer;

(c) Microlender;

(d) Friendlysociety;and

(e) Unittrustmanagers.

15. Apersonwhoconductsorcarriesonthebusinessofanauctioneer.

16. Apersonorentity thatcarrieson thebusinessof lendingmoneyagainst thesecurityofsecurities.



SCHEDULE2

SUPERVISORYBODIES(Section3)

1. TheNamibiaFinancialInstitutionsSupervisoryAuthorityestablishedintermsoftheNamibiaFinancialInstitutionsSupervisoryAuthorityAct,2001(ActNo.3of2001).



SCHEDULE3

REPORTINGINSTITUTIONS(Section2)

1. Apersonorinstitutionthatcarriesonthebusinessofamotorvehicledealership.

2. Apersonthatcarriesonthebusinessofsecondhandgoods.

3. A person that carries on the business of a gambling house, a totalisator orbookmaker.

4. Apersonorentitythatcarriesonthebusinessoftradinginjewellery,antiquesorart.

5. AnypersonorentityregulatedbytheNamibiaFinancialInstitutionsSupervisoryAuthority(NAMFISA)whoconductsasabusinessoneormoreofthefollowingactivities-

(a) Shortterminsurer.



SCHEDULE4

REGULATORYBODIES(Section3)

1. TheBankofNamibiaasdefinedintheBankofNamibiaAct,1997(ActNo.15 of 1997) to the extent that the Bank exercises its powers and fulfils itsregulatory functionsunder theBanking InstitutionsAct, 1998 (ActNo.2of1998)asamended,theCurrencyandExchangesAct,1933(ActNo.9of1933),thePreventionofCounterfeitingofCurrencyAct,1965(ActNo.16of1965),andthePaymentSystemManagementAct,2003(ActNo.18of2003).

2. TheLawSocietyestablishedintermsoftheLegalPractitionersAct,1995(ActNo.15of1995).

3. TheEstateAgentsBoardestablishedintermsoftheEstateAgentsAct,1976(ActNo.112of1976).

4. ThePublicAccountants’andAuditors’BoardestablishedintermsofthePublicAccountants’andAuditors’Act,1951(ActNo.51of1951).

5. The Namibia Stock Exchange established in terms of the Stock ExchangesControlAct,1985(ActNo.1of1985).

6. TheCasinoBoardestablishedbytheCasinosandGablingHousesAct,1994(ActNo.32of1994).

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